Oil prices rallied on Monday, May 11, 2026, a day after United States President Donald Trump said Iran’s response to a U.S. proposal was “unacceptable.”
Trump’s comment raised supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight.
Brent crude futures climbed $4.16 or 4.11% to $105.45 a barrel at 0340 GMT, while U.S. West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59%.
Last week, both contracts recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz.
“The oil market continues to trade like a geopolitical headline machine, with prices swinging sharply based on every comment, rejection, or warning coming from Washington and Tehran,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Trump is scheduled to arrive in Beijing on Wednesday and is expected to discuss Iran, among other topics, with Chinese President Xi Jinping, according to U.S. officials.
Latest developments in Middle East war
IG market analyst Tony Sycamore said in a note: “Market attention now shifts squarely to President Trump’s visit to China this week.
“There is hope he can persuade Beijing to leverage its influence over Iran to push for a comprehensive ceasefire and a resolution to the ongoing disruption in the Strait of Hormuz.”
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco CEO Amin Nasser told Reuters on Sunday.
Another two tankers carrying crude exited the Strait of Hormuz last week with trackers switched off to avoid Iranian attacks, Kpler shipping data showed, underscoring a rising trend to sustain Middle East oil exports.
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