Iran Nuclear Talks Stalemate Continues, International Oil Price Surges, WTI Reclaims $100
BlockBeats News, May 12th, as market hopes for a ceasefire in the Iran war continued to diminish and President Trump was reported to be considering resuming military action, international oil prices continued to rise on Tuesday. As of Tuesday morning 10:10 am ET, Brent crude oil prices rose by over 3.5% to $107.89 per barrel; WTI crude oil rose by 3.62%, breaking back above $100 per barrel.
Reports indicated that Trump had discussed the follow-up plan for the Iran situation with the National Security team on Monday. Despite the White House still hoping to reach an agreement to end the conflict, the core differences between the US and Iran remain significant.
Axios cited US officials as saying that Trump is considering further pressuring Iran through resuming military action to advance the negotiation process. An official stated that Trump might "escalate pressure further."
Trump had previously stated that negotiations between the US and Iran are currently "on life support only" and criticized Iran's response to US proposals as "extremely weak."
In addition, the US government is also considering resuming the "Project Freedom" operation, a military escort plan to ensure the safe passage of international vessels in the context of the blockade of the Strait of Hormuz by Iran. The operation was suspended last week.
