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Trump Rejects Iran Peace Proposal as Oil Prices Surge Above $104 Per Barrel

May 12, 2026
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Insurance Journal
Trump Rejects Iran Peace Proposal as Oil Prices Surge Above $104 Per Barrel

Story Summary

President Donald Trump declared the Iran ceasefire on life support Tuesday after rejecting Tehran’s counterproposal as unacceptable. The diplomatic deadlock has kept the Strait of Hormuz largely closed, pushing Brent crude futures above $104.50 per barrel. With OPEC output at a two-decade low, the ongoing supply disruption and rising fuel costs present significant economic headwinds ahead of the upcoming U.S.

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