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Oil surges as Trump brands Iran response unacceptable and Strait of Hormuz stays near shut
Economy
Published on 14 May 2026
Two tankers slipped out with trackers switched off
Oil prices jumped more than $3 a barrel as U.S. and Iran failed to align on Washington’s peace proposal, leaving the Strait of Hormuz largely constrained and global supplies tight. Brent rose to about $104, while West Texas Intermediate climbed to roughly $99. President Donald Trump dismissed Iran’s reply as “unacceptable,” dashing expectations of an imminent ceasefire that could reopen oil transit. Market focus now shifts to Trump’s Beijing visit and whether China can pressure Tehran to reduce disruption.
- Brent futures jumped $3.18 to $104.47 a barrel
- WTI rose $3.09 to $98.51 a barrel
- Trump called Iran’s peace-talk response “unacceptable”
- Strait of Hormuz remains largely closed, keeping supplies tight
- About 1 billion barrels of oil were lost over two months
- Kpler data showed two tankers exited with trackers switched off
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times