Brent oil tops $110 on report U.S. views latest Iranian proposal as insufficient
Tensions between the U.S. and Iran are escalating as President Trump warns of potential armed conflict if peace talks do not progress. The closure of the Strait of Hormuz by Iran is contributing to fears of supply disruptions in the oil market. The International Energy Agency has reported that global oil inventories are depleting rapidly, raising concerns about future price spikes.
- ▪President Trump warned Iran that time is running out for a peace deal.
- ▪The Strait of Hormuz remains mostly closed, impacting global oil supply.
- ▪The International Energy Agency reported record depletion of oil inventories.
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| Original publisher | US Top News and Analysis |
| Canonical URL | https://www.cnbc.com/2026/05/18/oil-today-brent-wti-iran-trump-hormuz-iea-supply-crude-.html |
| Publication time | Mon, 18 May 2026 16:48:20 GMT |
| Retrieval time | 2026-05-18T00:43:21.131Z |
| Last seen | 2026-05-18T16:52:37.739Z |
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U.S. President Donald Trump's warning to Iran over the weekend signals that the impasse between Washington and Tehran over a peace deal and reopening the Strait of Hormuz could lead to a resumption in armed conflict. Trump said a Truth Social post on Sunday that "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them," adding that "TIME IS OF THE ESSENCE!"While a fragile ceasefire was reached in April, tensions between Iran and the U.S. continue with Tehran keeping the Hormuz waterway mostly closed, while the Trump administration continues to blockade Iranian ports. The strait, prior to the war, saw nearly a fifth of the world's oil and gas supply flow through it.
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