CommoditiesMediumUpdated×7•Originally published 29 April 2026•Updated 1 May 2026•
1 min read
Oil Prices Surge 12% as Trump Rejects Iran's Peace Proposal
Key Facts
1Oil prices surged by 7% following President Trump's rejection of a proposal submitted by Iran to end the conflict.
2Oil markets are testing new highs amid growing concerns of military escalation in the Middle East.
Oil prices continue their upward trajectory as persistent disruptions in the Strait of Hormuz push Brent crude to target the $119 level. WTI crude demonstrated significant strength, breaking the $105 level to reach $105.88, marking an increase of $11.48. The weekly price range for the crude was notably volatile, fluctuating between $94.59 and $110.93 amid heightened geopolitical risks. These dynamics follow the removal of approximately 850 million barrels from global markets due to the collapse of diplomatic efforts between the U.S. and Iran. Market participants remain focused on global energy security, largely overlooking potential production increases from OPEC+.