The international price of oil rose on Tuesday following stalled negotiations between the United States and Iran, and growing uncertainty surrounding the fragile ceasefire in the Middle East. The potential closure of the Strait of Hormuz continued to put pressure on global energy markets.
A barrel of Brent crude, the international benchmark, rose by 1% and traded around $105 during Asian trading hours, while West Texas Intermediate (WTI) in the United States also rose by nearly 1% to $99 per barrel. The increase came after U.S. President Donald Trump rejected Iran's counterproposal to end the conflict.
Trump described Tehran's proposal as "garbage" and stated that the ceasefire is in "critical condition." The president also claimed that the truce is "incredibly weak" following Iran's rejection of Washington's demands.
The lack of progress in the negotiations effectively kept the Strait of Hormuz closed, a strategic waterway for global oil trade. The disruption of oil tanker traffic in the area fueled fears of a sustained reduction in the global crude oil supply.
The war has driven the price of Brent up from levels close to $70 before the conflict, putting inflationary pressure on various economies. Oil tankers remain stranded in the area...
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Oil prices rose again amid uncertainty in the Middle East (REUTERS). The international price of oil rose on Tuesday after negotiations between the United States and Iran stalled, and uncertainty grew about the continuation of the fragile ceasefire in the Middle East, while the closure of the Strait of Hormuz continued to put pressure on global energy markets. A barrel of Brent crude, the international benchmark, rose by 1% and traded around $105 during Asian trading, while West Texas Intermediate (WTI) in the United States also rose by nearly 1% to $99 per barrel. The increase came after U.S. President Donald Trump rejected Iran's counter-proposal to end the conflict. Trump called Tehran's proposal "garbage" and said the ceasefire was in "critical condition." The president also said that the truce was "incredibly weak" after Iran rejected Washington's demands. The lack of progress in negotiations effectively closed the Strait of Hormuz, a strategic maritime route for global oil trade. The disruption of oil tanker traffic in the area fueled fears of a sustained reduction in global crude oil supply. The war has raised the price of Brent from levels close to $70 before the conflict, putting inflationary pressure on various economies. Oil tankers remain stranded in the Persian Gulf while waiting for safe conditions to resume their trade routes. The war has raised the price of Brent from levels close to $70 before the conflict, putting inflationary pressure on various economies (REUTERS). Despite the rise in oil prices, financial markets operated with moderate movements. Traders and investors maintained a cautious stance as the conflict entered its tenth week without a clear resolution. In Asia, stock markets showed mixed results. The Nikkei 225 index in Japan rose by about 0.6%, while the Hang Seng in Hong Kong rose by 0.2%. In contrast, the Shanghai Composite index fell by nearly 0.2%. The Kospi in South Korea started the day with gains, but then erased those gains and ended lower. Analysts attributed the move to concerns about excessive dependence on the technology sector and expectations related to artificial intelligence. On Wall Street, the major indices ended the previous day with slight gains thanks to the boost from stocks related to artificial intelligence. The S&P 500 rose by 0.2% and was again close to historical highs, while the Dow Jones gained 95 points and the Nasdaq also closed in positive territory. The market also closely followed the visit of U.S. Treasury Secretary Scott Bessent to Japan, where he will hold talks on monetary and trade issues. Currency traders react next to a screen displaying the South Korean Korea Composite Stock Price Index (KOSPI), left, in the trading room of the Hana Bank in Seoul, South Korea, on Tuesday, May 12, 2026. (AP Photo/Ahn Young-joon) International attention is also focused on the trip that Trump will make this week to China. According to U.S. officials, the president plans to discuss with Chinese leader Xi Jinping the war with Iran and China's purchases of sanctioned Iranian oil. Business executives such as Elon Musk and Tim Cook will accompany part of the U.S. business agenda in Beijing. Iranian officials are closely following Trump's visit to China, while Beijing maintains discreet diplomatic contacts to try to resolve the regional crisis. (With information from AP and AFP)