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Iran negotiations remain deadlocked, international oil prices surge, WTI reclaims $100.
BlockBeats News, May 12 — As market hopes for a ceasefire agreement in the Iran war continue to weaken, and with U.S. President Trump reportedly considering resuming military actions, international oil prices continued to rise on Tuesday. As of 10:10 a.m. Eastern Time on Tuesday, Brent crude oil prices rose over 3.5%, reaching $107.89 per barrel; WTI crude oil increased 3.62%, breaking back above the $100 per barrel mark.
Reports say that Trump discussed follow-up plans for the Iran situation with the national security team on Monday. Although the White House still hopes to reach an agreement to end the conflict, the core disagreements between the U.S. and Iran remain serious.
Axios citing U.S. officials reports that Trump is considering applying further pressure on Iran by resuming military actions to push negotiations forward. An official said Trump may “further increase pressure.”
Trump previously stated that U.S.-Iran negotiations are currently “only on life support,” and criticized Iran’s response to U.S. proposals as “extremely weak.”
Additionally, the U.S. government is also considering resuming the “Project Freedom” operation, a military escort plan to ensure the safe passage of international ships amid the blockade of the Strait of Hormuz by Iran. This operation was previously paused last week.