Oil Prices Rise as U.S.-Iran Peace Hopes Fade | EN590 Commodities
EN590 Commodities GroupCrude Oil · May 12, 2026
China’s LNG Imports Rebound From Eight-Year Low Kazakhstan has launched a multibillion-dollar… Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. Crude oil prices ticked higher today as hopes for a peace deal between the United States and Iran faded further, after President Trump called Iran’s response to a U.S. peace deal proposal “garbage”. Iran’s response included a list of demands that the U.S. side has previously found unacceptable. At the time of writing,Brent crudewas trading at $104.86 per barrel, withWest Texas Intermediateat $98.93 per barrel. The ceasefire between Washington and Tehran was “on life support”, the U.S. president said, as quoted by Reuters, adding that “I would call it the weakest right now, after reading that p
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