{"id":126949,"date":"2026-05-11T09:31:54","date_gmt":"2026-05-11T05:31:54","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=126949"},"modified":"2026-05-11T10:28:53","modified_gmt":"2026-05-11T06:28:53","slug":"oil-climbs-after-hormuz-showdown-but-heads-for-7-weekly-loss-as-peace-hopes-tug-of-war-with-war-fears-2","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-climbs-after-hormuz-showdown-but-heads-for-7-weekly-loss-as-peace-hopes-tug-of-war-with-war-fears-2\/05\/11\/market-updates\/","title":{"rendered":"Oil Roars 5% Higher as Trump Slams Iran&#8217;s &#8220;Totally Unacceptable&#8221; Response: Xi Meeting Offers Last-Ditch Peace Hope"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Crude surges:<\/strong> Brent oil futures climbed 4.2% to $105.55 per barrel, while WTI advanced 4.8% to $100.00.<\/li>\n\n\n\n<li><strong>Wild reversal:<\/strong> Both contracts had crashed more than 6% last week on peace deal optimism.<\/li>\n\n\n\n<li><strong>Trump&#8217;s bombshell:<\/strong> The president rejected Tehran&#8217;s counterproposal as &#8220;totally unacceptable,&#8221; dashing hopes for near-term de-escalation.<\/li>\n\n\n\n<li><strong>U.S. demands:<\/strong> Washington&#8217;s proposal reportedly sought a 20-year halt to Iran&#8217;s uranium enrichment, removal of stockpiles, and dismantling of nuclear facilities.<\/li>\n\n\n\n<li><strong>Iran&#8217;s counteroffer:<\/strong> Tehran demanded sanctions relief, end of U.S. naval presence around Hormuz, security guarantees, and recognition of its right to some nuclear activity.<\/li>\n\n\n\n<li><strong>Uranium dilution proposal:<\/strong> The WSJ reports Iran offered to dilute some highly enriched uranium and transfer the rest to a third country.<\/li>\n\n\n\n<li><strong>Hormuz still shut:<\/strong> The strategic strait remains largely closed since the conflict began.<\/li>\n\n\n\n<li><strong>Trump-Xi summit:<\/strong> Trump will visit China between May 13-15 for talks with President Xi Jinping.<\/li>\n\n\n\n<li><strong>China&#8217;s leverage:<\/strong> ING analysts see a &#8220;glimmer of hope&#8221; that Trump-Xi talks could move Iran closer to a peace deal.<\/li>\n\n\n\n<li><strong>China&#8217;s oil imports plunge:<\/strong> April crude imports fell 20% year-on-year to the lowest level since July 2022.<\/li>\n\n\n\n<li><strong>Market sensitive to noise:<\/strong> &#8220;Oil prices remain highly sensitive to noise around Iran,&#8221; ING noted.<\/li>\n<\/ul>\n\n\n\n<p>Oil prices jumped nearly 5% during Asian trading on Monday after U.S. President Donald Trump called Iran&#8217;s response to a U.S. peace proposal &#8220;totally unacceptable,&#8221; keeping geopolitical risks firmly elevated.<\/p>\n\n\n\n<p>As of 01:37 ET (5:37 GMT), Brent oil futures climbed 4.2% to $105.55 a barrel, while U.S. West Texas Intermediate crude futures advanced 4.8% to $100.00 per barrel.<\/p>\n\n\n\n<p>Both contracts had declined more than 6% last week on optimism that Washington and Tehran were nearing a temporary agreement to stabilize Gulf shipping routes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trump Rejects Iran&#8217;s Response to Peace Proposal<\/h2>\n\n\n\n<p>Trump on Sunday rejected Tehran&#8217;s latest counterproposal to Washington&#8217;s peace framework, saying the Iranian response was &#8220;totally unacceptable.&#8221; The comments dampened expectations for a near-term easing of tensions in the Gulf region.<\/p>\n\n\n\n<p>The original U.S. proposal reportedly sought a 20-year halt to Iran&#8217;s uranium enrichment activities, the removal of highly enriched uranium stockpiles, and the dismantling of key nuclear facilities \u2014 in exchange for sanctions relief and an end to military action.<\/p>\n\n\n\n<p>Iran&#8217;s response, delivered through Pakistani mediators, reportedly demanded the lifting of sanctions, an end to the U.S. naval presence around the Strait of Hormuz, security guarantees, and recognition of Iran&#8217;s right to continue some nuclear activity.<\/p>\n\n\n\n<p>The Wall Street Journal reported that Iran proposed diluting some of its highly enriched uranium and transferring the remainder to a third country.<\/p>\n\n\n\n<p>Investors remain focused on the Strait of Hormuz, which has remained largely shut since the start of the conflict.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trump-Xi Meeting Could Help Iran Peace Deal \u2014 Analysts<\/h2>\n\n\n\n<p>Beijing on Monday confirmed that Trump would visit China this week between May 13 and 15 and hold talks with Chinese President Xi Jinping.<\/p>\n\n\n\n<p>The summit is likely to focus on trade, Taiwan, and the Iran conflict, with Beijing seen as a key diplomatic player given its economic ties with Tehran.<\/p>\n\n\n\n<p>Meanwhile, the latest trade data from China for April showed crude oil imports falling 20% year-on-year to the lowest level since July 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude surges: Brent oil futures climbed 4.2% to $105.55 per barrel, while WTI advanced 4.8% to $100.00. Wild reversal: Both contracts had crashed more than 6% last week on peace deal optimism. Trump&#8217;s bombshell: The president rejected Tehran&#8217;s counterproposal as &#8220;totally unacceptable,&#8221; dashing hopes for near-term de-escalation. U.S. demands: Washington&#8217;s proposal reportedly sought &hellip;<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-126949","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/126949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=126949"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/126949\/revisions"}],"predecessor-version":[{"id":126951,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/126949\/revisions\/126951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=126949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=126949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=126949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}