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Oil prices jump after Trump dismisses Iran response

financeMay 11, 202638180

Brent crude jumped about $3 to roughly $104.50 a barrel after President Donald Trump dismissed Iran’s response to a U.S. proposal to end the war as "totally unacceptable." Traders priced in renewed supply risks as stalled negotiations raised the prospect of continued disruption to shipments through the Strait of Hormuz. The surge pushed benchmark Brent back above $100 a barrel and heightens the likelihood of higher gasoline and heating costs worldwide. If disruption persists, countries reliant on Middle East oil will face bigger import bills and added inflationary pressure.

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