Oil Holds Near $98 as Trump Rejects Iran Offer and Doubts Ceasefire
Updated
Updated · Bloomberg · May 11
Oil Holds Near $98 as Trump Rejects Iran Offer and Doubts Ceasefire
4 articles · Updated · Bloomberg · May 11
WTI steadied near $98 a barrel after jumping 2.8% in the previous session, while Brent closed above $104 on Monday.
Trump said the Iran truce was on “massive life support” and rejected Tehran’s latest peace response to his proposal to end the 10-week war.
That stance prolonged the effective closure of the Strait of Hormuz, a vital shipping chokepoint that has kept crude prices elevated.
The market is now tracking whether ceasefire talks revive or the disruption around Hormuz deepens and pushes oil higher again.
As diplomacy falters and oil prices soar, what is the next military move in the Persian Gulf conflict?
Could a nuclear-free zone in the Middle East be the surprise solution to the escalating Hormuz crisis?
Oil Shock 2026: Trump’s Iran War, Strait of Hormuz Closure, and the Global Economic Fallout
Overview
The 2026 Middle East crisis escalated after President Trump rejected Iran’s latest peace proposal, dismantling hopes for diplomacy and deepening instability. The continued closure of the Strait of Hormuz, a vital oil route, has stalled international efforts to restore shipping, as NATO allies refuse to intervene without a comprehensive peace deal. This division within the international community has led to a dramatic surge in oil prices, global economic turmoil, and worsening humanitarian conditions for stranded crews. With no clear path forward, the crisis is set to intensify, highlighting the severe consequences of diplomatic deadlock and fractured global cooperation.