{"id":115205,"date":"2026-05-11T09:11:48","date_gmt":"2026-05-11T06:11:48","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=115205"},"modified":"2026-05-11T08:14:39","modified_gmt":"2026-05-11T05:14:39","slug":"oil-prices-jump-after-trump-dismisses-iran-proposal-to-end-war","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2026\/05\/oil-prices-jump-after-trump-dismisses-iran-proposal-to-end-war\/","title":{"rendered":"Oil prices jump after Trump dismisses Iran proposal to end war"},"content":{"rendered":"

MAY 11 – Oil prices rose in Monday morning trade in Asia after President Donald Trump said Iran’s response to US proposals to end the war was “totally unacceptable”.<\/strong><\/p>\n

Tehran sent its response via Pakistan, which has served as a mediator between the two sides, calling for an immediate end to the conflict and guarantees of no further US-Israeli attacks on Iran, according to Iran’s semi-official Tasnim news agency.<\/p>\n

International oil benchmark Brent rose by 4.1% to $105.50 (\u00a377.60) a barrel, while US-traded crude increased by 4.4% to $99.80.<\/p>\n

The key Strait of Hormuz waterway has been effectively shut since shortly after the war started on 28 February, severely disrupting global supplies of oil and gas.<\/p>\n

Responding to Tehran’s terms, Trump posted on social media: “I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it – TOTALLY UNACCEPTABLE.”<\/p>\n

Washington’s terms had included restoration of free transit through the Strait of Hormuz and the suspension on Iranian nuclear enrichment, according to US news outlet Axios.<\/p>\n

Israeli Prime Minister Benjamin Netanyahu also said the war with Iran will not be over until its enriched uranium stockpiles are “taken out”.<\/p>\n

A ceasefire announced in early April to allow time for peace talks has been mostly observed, despite occasional exchanges of fire.<\/p>\n

On 21 April, Trump extended the truce indefinitely to give Iran time to present a “unified proposal”.<\/p>\n

Energy prices have swung wildly since the start of the conflict, while Brent crude has risen back above $100 a barrel since the ceasefire came into effect on 8 April.<\/p>\n

The Strait of Hormuz, through which about a fifth of global oil and gas shipments usually passes, has been effectively shut after Tehran threatened to attack vessels that try to cross it in retaliation against US-Israeli strikes.<\/p>\n

Major energy companies have seen their profits jump as prices of oil and gas have soared on global markets.<\/p>\n

On Sunday, Aramco said its earnings had jumped by more than 25% in the first three months of the year compared to the same period in 2025.<\/p>\n

The Saudi Arabian energy giant’s cross-country pipeline has “proven itself to be a critical supply artery” and helped it avoid disruptions to shipping caused by the Iran war, said Aramco boss Amin Nasser.<\/p>\n

Last month, BP reported that its profits for the first three months of the year had more than doubled, while Shell announced last week that its earnings had jumped.<\/p>\n

By BBC<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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