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Mon, 18 May 2026

Mon, 18 May 2026 Oil prices rise after Trump warns 'clock is ticking' on Iran peace talks

Energy markets have been on a wild ride as the key Strait of Hormuz waterway remains effectively closed.
Oil prices rose sharply on Monday morning in Asia after US President Donald Trump warned Iran that time was running out in negotiations to end the conflict. The global benchmark Brent crude jumped 1.85% to $111.28, while US-traded oil increased by 2.32% to $107.87. Trump's warning came as talks between the two nations stalled, with Iranian media reporting that Washington had failed to make any concessions in its response to Tehran's proposals. The Strait of Hormuz waterway, which is used by over a fifth of the world's oil and LNG, remains closed after Iran retaliated against US and Israeli strikes. Trump tweeted that Iran needed to "get moving" or face consequences, with Iranian media reporting that the lack of compromise from the US would lead to an impasse in negotiations. The UAE reported a drone strike on its nuclear power station on Sunday, which sparked a fire but did not cause any injuries or impact radiological safety levels.