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Crude oil rally intensifies as Trump rejects Iran proposal
12-May-2026 13:05
WTI crude futures surged above $100 per barrel on Tuesday after President Donald Trump dismissed Iran's latest peace proposal and warned that the US-Iran ceasefire was on 'massive life support,' intensifying fears that the Strait of Hormuz could remain effectively closed for a prolonged period. The sharp escalation in geopolitical tensions boosted concerns over global oil supply disruptions, driving strong gains in crude prices, while MCX crude oil futures climbed nearly 3% to Rs 9,613 per barrel. Meanwhile, the dollar index moved back above 98 as investors rushed toward safe-haven assets, with markets also closely awaiting the upcoming US inflation report for further clues on the economic impact of the Iran conflict and the Federal Reserve's future policy outlook.

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