Oil Prices Rise as Prospects for U.S.-Iran Peace Deal Fizzle

 

Oil Prices Rise as Prospects for U.S.-Iran Peace Deal Fizzle

By The New York Times

Published May 10, 2026

Updated May 11, 2026, 3:47 a.m. ET

https://www.nytimes.com/2026/05/10/business/oil-stocks-iran-war.html

 

Oil prices rose and stock futures ticked down on Monday as investors reacted after the two sides failed to agree on a U.S.-Iran peace deal.

 

President Trump said on social media Sunday that Iran’s latest proposal was “TOTALLY UNACCEPTABLE!” He did not share details about what Iran had offered. Tehran has said the two countries are working on a short-term agreement that would pause fighting for another 30 days and end Iran’s blockade of the Strait of Hormuz, a key oil and gas shipping route in the Persian Gulf.

 

As gas prices remain elevated in the United States, Chris Wright, the energy secretary, said on Sunday that the Trump administration would be open to pausing the federal gas tax, which accounts for 18.4 cents of the per gallon price of gasoline.

 

Here is the latest:

Oil ticks up.

Stocks tick down.

Gasoline prices slip.

 

Oil ticks up.

The price of Brent crude, the global benchmark for oil, rose more than 3 percent on Monday, trading at $105 a barrel.

 

West Texas Intermediate crude, the U.S. benchmark, was up over 4 percent, trading at over $99 a barrel.

 

Stocks tick down.

Futures on the S&P 500 pointed to a decline of about 0.1 percent when stocks resume trading in the United States on Monday.

 

Stocks in Asia, where countries import vast quantities of oil and gas, were mixed. South Korea’s benchmark KOSPI Index rose more than 4 percent, while Japan’s Nikkei 225 fell less than 1 percent.

 

In Europe, stocks were little changed. The Stoxx 600, a broad index that tracks the region’s largest companies, and the DAX in Germany were flat.

 

Gasoline prices slip.

Gas prices held steady on Monday at a national average of $4.52 for a gallon of regular, according to the AAA motor club. Despite prices inching down since Friday, drivers were still paying about 52 percent more per gallon since the war began.

 

Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.

 

The average price of diesel fell a penny to $5.64 on Monday, up 50 percent since the start of the war.