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strikeMay 12, 2026

Oil Extends Rally As US-Iran Peace Deal Hopes Fade

Summary

(RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire. Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay effectively closed for an extended period. WTI crude futures for June delivery jumped 3.6 percent to $101.55. Supply concerns returned to the fore after U.S. President Donald Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support." Reports indicate that the Trump administration may consider military action against Iran due to growing frustration over deadlocked negotiations. Trump told Fox News earlier on Monday that he's looking at reviving a plan to escort ships through the Strait of Hormuz. Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027. Elsewhere, Israel has launched new air strikes targeting Tehran and expanded its military campaign in include attacks on Iran-backed Hezbollah militants in Lebanon. According to a Wall Street Journal report, the United Arab Emirates secretly entered the Middle East war and carried out attacks on Iran last month. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Perspectives

Iranian Official

Iran strongly condemns U.S. and Israeli aggression, including threats of military strikes and air attacks on Tehran, as blatant violations of its sovereignty and attempts to destabilize the region through foreign interference. The fragile ceasefire faces collapse due to Washington's plans to escort vessels in the Strait of Hormuz and revive hostilities, prompting Iran to uphold its defensive rights against such provocations. These acts of external aggression have triggered oil market disruptions as a direct result of imposed instability.

Israeli

Israel faces an existential threat from Iran's proxy network, including Hezbollah in Lebanon, necessitating expanded defensive air strikes on Tehran and militant targets to disrupt Tehran's aggression. The regime's effective closure of the Strait of Hormuz, amid a collapsing U.S. ceasefire, amplifies these dangers by weaponizing energy supplies against Israel and the West. Such measures remain vital to counter Iran's destabilizing campaign, as confirmed by reports of stalled talks and potential U.S. responses.

Neutral

Oil prices rose sharply on Tuesday, with Brent crude futures up more than 3 percent at $107.47 a barrel and WTI crude futures gaining 3.6 percent to $101.55, driven by concerns over potential prolonged disruption in the Strait of Hormuz. U.S. President Donald Trump stated that the U.S.-Iran ceasefire was on "massive life support" and indicated consideration of measures including ship escorts through the strait, while reports noted possible further military options amid stalled talks. Israeli strikes targeted Tehran and Iran-linked Hezbollah forces in Lebanon, and an unverified Wall Street Journal report alleged prior UAE attacks on Iran.

Western

Western and NATO-aligned forces are prioritizing the neutralization of Iranian threats to global energy security, including potential military options to reopen the Strait of Hormuz and deter further aggression. Israeli precision strikes on Tehran and Iranian-backed Hezbollah targets in Lebanon aim to degrade proxy capabilities and restore regional stability. These measures address Iranian actions that have prolonged supply disruptions, with markets reflecting the urgency of countering such destabilization.

Pro-Peace

The escalating U.S. and Israeli military threats against Iran, coupled with fresh strikes on Tehran and Hezbollah targets in Lebanon, risk further civilian deaths, displacement, and humanitarian suffering across the region amid a fragile ceasefire already described as on "life support." Surging oil prices above $100 a barrel, driven by fears of prolonged Hormuz disruptions, threaten to deepen global energy poverty and economic hardship for millions, with markets potentially unstable until 2027. Renewed diplomacy to de-escalate tensions and protect non-combatants remains essential to prevent wider war and its devastating human toll.

Global South

Escalating U.S. threats of military action against Iran and reported Israeli and Emirati strikes have pushed Brent crude above $107 and WTI near $101, driven by fears of extended disruption at the Strait of Hormuz. Such interventions expose the fragility of Iranian sovereignty over its territorial waters and energy infrastructure, as external powers prioritize control of global oil flows that disproportionately burden Global South economies. Saudi Aramco’s warning of instability persisting until 2027 further reveals the repeated failure of international institutions to curb neo-colonial resource conflicts.

Actors involved

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Sources

  • RTTNewsBy RTTNews

    (RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire. Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay e…

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