Oil Prices Rise 3% As Reuters Reports Complications to US-Iran Peace Maritime Activity Reports, Inc. May 21, 2026 © Adobe Stock/Rahed Ul Islam Oil prices were up 3% on Thursday after Reuters reported that Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad, denting hopes for a swift resolution to the U.S.-Israeli war on Iran. The report, citing two senior Iranian sources, signaled that Tehran is hardening its stance on a key U.S. demand. The directive from Ayatollah Mojtaba Khamenei could further complicate negotiations and frustrate U.S. President Donald Trump’s efforts to broker an end to the war. Brent crude futures gained $3.07, or 2.9%, to $108.09 a barrel at 11:12 a.m. EDT (1512 GMT). U.S. West Texas Intermediate futures rose $3.52, or 3.6%, to $101.78. Both were trading lower before the report. The development came a day after Iran’s announcement of a new “Persian Gulf Strait Authority,” which would oversee a "controlled  maritime  zone" in the Strait of Hormuz. Prices were volatile. Gains accelerated after U.S. Secretary of State Marco Rubio said a proposed tolling system in the Strait of Hormuz would make a diplomatic deal unfeasible. Prices pared gains later after he added that officials from Pakistan, which is acting as a mediator, will travel to Iran for talks. Pakistan stepped up diplomatic efforts to hasten the U.S.-Iran peace talks, as Tehran said it was reviewing Washington's latest responses. Trump suggested he could wait a few days for "the right answers" from Tehran but was also willing to resume attacks on the country. "We’ve been in this situation multiple times before, which ultimately led to disappointment," ING analysts said in a note on Thursday, forecasting an average Brent price of $104 a barrel in the current quarter. Separately, UBS raised its oil price forecasts by $10 a barrel on Thursday, projecting Brent crude at $105 a barrel and U.S. West Texas Intermed