Oil Price Today (May 11): Crude oil back above $100 on no breakthrough in US-Iran peace talks. What are experts saying?

May 11, 2026

Oil prices surged over $3 a barrel as the U.S. and Iran failed to reach a peace agreement, keeping the Strait of Hormuz largely shut and global supplies pressured. President Trump rejected Iran’s response to a U.S. proposal, citing its unacceptability.

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