Oil prices jump after Trump rejects Iran peace proposal

18 articles · Updated · BBC.com · May 10

In Asia, Brent climbed 3.8% to $105.20 a barrel and US crude rose 4% to $99.30 after Trump called Tehran's response "totally unacceptable".
Iran, using Pakistan as mediator, sought an immediate end to the conflict and guarantees against further US-Israeli attacks, while Washington demanded restored Strait of Hormuz transit and a halt to enrichment.
The strait has been effectively shut since the war began on 28 February, keeping markets volatile despite an extended April truce and boosting profits at Aramco, BP and Shell.

With a historic oil supply shock underway, what is keeping crude prices from skyrocketing, and can this fragile market calm possibly last?

Beyond oil, a hidden supply crisis in fertilizers and metals is brewing. How will this impact global food security and manufacturing costs?

As diplomacy fails and war escalates, what viable 'off-ramp' exists to reopen the world's most critical waterway before a global recession hits?