According to Bloomberg, as of 9:18 a.m. KST on May 11, Brent crude oil rose by 3.46% to $104.79 per barrel. West Texas Intermediate (WTI) crude also increased by 3.48%, reaching $98.74 per barrel.
This spike in oil prices was triggered by Trump's public rejection of Iran's response. On May 10, Trump posted on social media platform Truth Social, stating, "I just read the response from the so-called 'representatives' of Iran. I do not like it. It is completely unacceptable."
Previously, Iran had reportedly sent a revised response to the U.S. negotiating team, proposing to end the prolonged conflict and lift sanctions against Iran. The Wall Street Journal reported that Tehran suggested transferring some of its enriched uranium stockpile to a third country but rejected demands to dismantle its nuclear facilities.
Trump's strong remarks have dampened hopes for a peace agreement between the U.S. and Iran. Concerns are growing that delays in negotiations could prolong disruptions to energy supplies, especially given the significant restrictions on shipping through the Strait of Hormuz since the outbreak of war in late February.
On Wall Street, expectations are rising that disruptions in the Strait of Hormuz will not be resolved quickly. A Goldman Sachs survey indicated that more than half of respondents expect logistical flows through the Strait to face challenges until at least the end of June.
The rise in oil prices is also weighing on the stock market. According to Yahoo Finance, Dow Jones Industrial Average futures are down 156 points, or 0.3%. S&P 500 and Nasdaq 100 futures are also experiencing declines of about 0.2% each.
This adjustment follows a strong rebound in major U.S. stock indices last Friday. The U.S. stock market closed higher after the April jobs report exceeded market expectations. According to Bloomberg, non-farm payrolls in April increased by 115,000, significantly surpassing economists' forecast of a 55,000 increase. Consequently, the S&P 500 and Nasdaq Composite indices both recorded all-time highs on a weekly basis.
Yahoo Finance noted that investors are closely watching the upcoming release of the April Consumer Price Index (CPI) and Producer Price Index (PPI) this week. Whether the rise in oil prices leads to broader inflationary pressures will be a key factor influencing future interest rate outlooks and stock market trends.
* This article has been translated by AI.
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