Oil Jumps $3 a Barrel as US and Iran Fail to Reach Agreement on Peace Proposal

TigerMay 11, 2026 12:23 AM

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Oil prices jumped $3 a barrel on ‌Monday as the United States and Iran failed to agree to a ⁠peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supply ‌tight.

Brent ⁠crude futures climbed $3.21 or 3.17% to $104.50 a barrel and U.S. West Texas Intermediate ⁠was at $98.51 a barrel, up $3.09, ⁠or 3.24%.

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Oil Jumps $3 ​a Barrel as US and Iran Fail to Reach Agreement on Peace Proposal