Oil prices jump after Trump rejects Iran offer

On May 11, 2026, global oil benchmarks rallied sharply after U.S. President Donald Trump rejected Iran’s response to a U.S.-drafted peace proposal. Brent crude (UKOIL) rose to $105.33 per barrel, while West Texas Intermediate (WTI) (USOIL) climbed to $99.85 per barrel.

Both contracts gained more than 3.5% on the day, reflecting heightened sensitivity in energy markets to developments in the conflict involving Iran. The move pushed Brent (UKOIL) firmly above the $100 threshold and brought U.S. crude close to triple digits.

Traders and analysts linked the price surge directly to Trump’s public reaction to Tehran’s position on the proposed peace framework, as his comments added fresh uncertainty about prospects for de-escalation.

Trump dismissed Iran’s counteroffer to the U.S. peace proposal as “totally unacceptable” in a social media post. The message signaled a firm U.S. stance against the terms set out by Tehran.

His rejection reduced expectations that the latest diplomatic exchanges would quickly lead to a settlement. Market participants interpreted the response as increasing the risk that the conflict could persist without near‑term resolution.

The timing and wording of the statement were cited by market observers as key catalysts for the intraday jump in crude prices, with futures reacting soon after the comments were published.

The price reaction was driven in part by renewed concern over supply security in the Middle East. The ongoing conflict has raised questions about the safety and reliability of shipping routes used for global oil transport.

Particular attention has focused on the Strait of Hormuz, a strategically important chokepoint for seaborne crude exports. Any disruption or perceived threat to traffic through this corridor tends to amplify volatility in oil markets.

Although no specific new disruption was detailed on May 11, analysts noted that the combination of elevated tensions and critical infrastructure risk made prices especially sensitive to political statements from both U.S. and Iranian officials.

The jump in Brent and WTI (USOIL) underscored how closely oil markets are tracking signals from Washington and Tehran. Price swings in recent sessions have been heavily influenced by official comments and diplomatic maneuvers rather than changes in physical supply.

Analysts highlighted that futures traders are rapidly repricing contracts as each new statement either raises or lowers perceived odds of an eventual agreement. In this backdrop, Trump’s rejection of Iran’s response was viewed as a clear negative for de‑escalation hopes.

With Brent above $105 per barrel and WTI near $100, the latest move reflects a bullish tone in crude markets tied to geopolitical risk, even as the underlying conflict and peace proposal remain unresolved.