Story perspectives

Trump Rejects Iran Deal, Oil Prices Jump 3%

5/11/2026

Summary

Story summary

Oil prices jumped after President Donald Trump called Iran's peace proposal “totally unacceptable.”
Brent crude rose 3 % to $104 per barrel.
U.S. and Iran blamed each other for violating the cease-fire in Strait of Hormuz.
U.S. Commodity Futures Trading Commission opened a probe into $7 billion of oil-futures trades placed before Trump’s statements.
IAG projected fuel costs of €9 billion this year, €2 billion higher than last year after jet-fuel prices rose 50 %.

History

Historical Context

In October 1973 OAPEC embargoed the United States and other Israel supporters, sending crude from $3 to $12 per barrel – about a 300% jump. That shock proved geopolitical moves can double oil costs, a pattern repeated today as President Donald Trump rejected Iran’s peace proposal, lifting Brent 3% to $104 per barrel and sparking a CFTC $7 billion probe.

1 of 2

Story summary

Oil prices jumped after President Donald Trump called Iran's peace proposal “totally unacceptable.”
Brent crude rose 3 % to $104 per barrel.
U.S. and Iran blamed each other for violating the cease-fire in Strait of Hormuz.
U.S. Commodity Futures Trading Commission opened a probe into $7 billion of oil-futures trades placed before Trump’s statements.
IAG projected fuel costs of €9 billion this year, €2 billion higher than last year after jet-fuel prices rose 50 %.

1 / 2