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What is the story about?
Crude oil prices rose in Asian trading on Monday, May 11, after US President Donald Trump rejected the latest peace proposal from Iran to end the war in West Asia, which will soon complete three months.
Brent crude is trading 3% higher above the mark of $104 for the July contract, while West Texas Intermediate, or the US crude variant is also trading with gains of 3% for the June contract and is nearing the mark of $100 a barrel.
Trump called Iran's proposal "Totally Unacceptable", which included lifting of sanctions, a 30-day waiver on oil sales to foreign countries and separating nuclear talks, while rejecting US demands on nuclear program and uranium enrichment, according to reports from Iran's Tasnim News Agency and the Wall Street Journal.
The Strait of Hormuz continues to remain relatively shut, despite a Qatari gas tanker having crossed the region for the first time since the war began and a Panama-flagged bulk carrier bound for Brazil navigating the route through a designated area mapped by the Iranian forces.
A drone strike on Sunday that briefly set a cargo vessel ablaze off Qatar in the Persian Gulf marked the latest shipping attack in the region since the ceasefire began in early April. The United Arab Emirates and Kuwait also said they had intercepted hostile drones.
Qatari Prime Minister told Iran's foreign minister that using the Strait as a pressure tool will only increase the issues at hand and that the freedom of navigation should not be compromised.
(With Inputs From Agencies)
Brent crude is trading 3% higher above the mark of $104 for the July contract, while West Texas Intermediate, or the US crude variant is also trading with gains of 3% for the June contract and is nearing the mark of $100 a barrel.
Trump called Iran's proposal "Totally Unacceptable", which included lifting of sanctions, a 30-day waiver on oil sales to foreign countries and separating nuclear talks, while rejecting US demands on nuclear program and uranium enrichment, according to reports from Iran's Tasnim News Agency and the Wall Street Journal.
The Strait of Hormuz continues to remain relatively shut, despite a Qatari gas tanker having crossed the region for the first time since the war began and a Panama-flagged bulk carrier bound for Brazil navigating the route through a designated area mapped by the Iranian forces.
A drone strike on Sunday that briefly set a cargo vessel ablaze off Qatar in the Persian Gulf marked the latest shipping attack in the region since the ceasefire began in early April. The United Arab Emirates and Kuwait also said they had intercepted hostile drones.
Qatari Prime Minister told Iran's foreign minister that using the Strait as a pressure tool will only increase the issues at hand and that the freedom of navigation should not be compromised.
(With Inputs From Agencies)
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