Oil Prices Surge as Trump Rejects Iran's Proposal; Gold Declines

Deep News05-11

U.S. President Donald Trump rejected Iran's latest proposal aimed at ending the Middle East conflict, leading to a sharp rise in oil prices.

Brent crude surged by as much as 3.5% to $104.80 per barrel, while WTI climbed to around $99 per barrel. Trump stated on social media that Iran's response was "completely unacceptable." Following a series of renewed clashes, both sides are struggling to maintain a fragile ceasefire.

Since the conflict erupted in late February, the Strait of Hormuz has been nearly closed, cutting off the supply of crude oil, natural gas, and refined products to global customers, driving up energy prices and intensifying inflation concerns. The International Energy Agency noted that the conflict is causing the largest supply shock in history.

After Trump dismissed Iran's new peace proposal, gold prices fell by as much as 0.8%, following a roughly 2% increase last week. This situation could heighten inflation risks and reinforce market expectations for interest rate hikes, putting pressure on non-yielding gold.

Reports indicated that Tehran proposed transferring part of its stockpile of highly enriched uranium to a third country but refused to dismantle its nuclear facilities. Iran disputed these reports, according to the semi-official Tasnim News Agency.

July-settled Brent crude rose 3.1% to $104.41 per barrel, while June-settled WTI increased 3.0% to $98.22 per barrel. Spot gold declined 0.5% to $4,693.53 per ounce.

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