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Oil jumps above $100 as US Iran talks stall and Strait of Hormuz stays squeezed
Economy
Published on 14 May 2026
Markets price in up to $150 if Hormuz closes longer
Oil prices surged more than $4 a barrel on May 11 after the US and Iran failed to agree on a Washington-backed peace proposal. With the Strait of Hormuz largely shut, global supplies stayed pressured as President Donald Trump rejected Iran’s response as “unacceptable.” Brent climbed to $105.47 and WTI to $98.51. Analysts warn the ceasefire could be temporary, while Saudi Aramco estimates about 1 billion barrels of supply have been lost in two months, leaving markets edgy heading into Trump’s China trip.
- Brent crude rose $4.13 to $105.47 per barrel (+3.14%)
- WTI climbed $4.57 to $98.51 per barrel (+4.60%)
- Trump dismissed Iran’s proposal response as “unacceptable”
- Aramco says roughly 1 billion barrels of supply were lost
- Experts warn Hormuz disruptions could hit nearly 20 million bpd
- Possible oil range: $110 to $150 if closure persists
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times