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Oil Prices Jump After Trump Rejects Iran’s Peace Proposal

Oil prices rallied on Monday morning after U.S.

Source OilPrice AI Summary Updated May 11, 2026

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Freshness Stale Updated May 11, 2026

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Oil prices rallied on Monday morning after U.S. President Donald Trump rejected Iran’s response to a U.S. peace proposal, “I don’t like it – totally unacceptable,” Trump said in a Truth Social post, quashing hopes for an imminent resolution to the Middle East conflict that kicked off in late February. Brent crude for July delivery was up 1.% to trade at $103.3 per barrel at 9.48 am ET while WTI crude for June delivery gained 1.04% to trade at $96.41/bbl. Last week, the White House offered a one-page, 14-point memorandum…

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