Oil prices rose by more than $3 a barrel in early trading on May 11, after the US and Iran failed to reach an agreement on the US peace proposal, while much of the Strait of Hormuz remained blockaded, further straining global energy supplies.
At 23:36 GMT (6:36 AM Vietnam time), on the Singapore electronic trading platform, Brent crude oil prices rose $3.18, or 3.14%, to $104.47 per barrel, continuing a 1.23% increase from the end of last week's trading session (May 8). Meanwhile, West Texas Intermediate (WTI) crude oil prices rose $3.09, or 3.24%, to $98.51 per barrel after closing the previous session with a 0.64% increase.
Hopes for a swift end to the 10-week-long US-Iran conflict were dashed after US President Donald Trump declared on May 10 that Iran's response to the US peace proposal was "unacceptable."
According to US officials, President Trump is expected to travel to Beijing on May 13th and discuss Iran and other topics with Chinese President Xi Jinping. Experts believe the market expects Trump to persuade China to use its influence with Iran to promote a comprehensive ceasefire and resolve the ongoing standoff in the Strait of Hormuz.
Saudi Arabia's Saudi Aramco CEO, Amin Nasser, said on May 10 that the world has lost about 1 billion barrels of oil in the past two months and that the energy market will need time to stabilize even when oil flows are restored.
Source: https://vtv.vn/gia-dau-the-gioi-tang-hon-3-usd-thung-100260511072712945.htm
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