Global oil prices rose sharply after former US President Donald Trump rejected Iran’s proposals, raising concerns over stability in the Strait of Hormuz. Brent crude climbed to $104 per barrel and WTI reached $99 per barrel.
ISLAMABAD: (UrduPoint/UrduPoint / UrduPoint / Pakistan Point News-May-11, 2026) Global crude oil prices surged by more than 3% amid rising geopolitical tensions and uncertainty over the Strait of Hormuz.
According to market reports, Brent crude climbed to $104 per barrel while West Texas Intermediate (WTI) reached $99 per barrel. Oil prices have increased by nearly $20 since the outbreak of conflict concerns.
The spike followed comments by former US President Donald Trump, who rejected Iran’s response to a US proposal aimed at ending the conflict. He described Iran’s reply as “completely unacceptable” in a post on Truth Social.
Analysts say concerns over potential disruption in oil supply routes, particularly through the Strait of Hormuz, have further fueled market volatility.
