You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Rises With U.S./Iran Ceasefire On "Life Support," As Analysts Hope China Can Break The Impasse Oil Rises With U.S./Iran Ceasefire On "Life Support," As Analysts Hope China Can Break The Impasse by Ship & Bunker News Team Monday May 11, 2026 Tweet Follow @shipandbunker Meanwhile, OPEC output declines sharply due to the Strait of Hormuz closure: File Image/Pixabay With U.S. president Donald Trump rejecting Iran ’s latest proposal to end the war with his country and declaring that their ceasefire was on “life support,” nervous oil traders on Monday caused Brent to climb   2.9 percent to settle at $104.21 per barrel. West Texas Intermediate rose 2.7 percent to settle at $98.07. All analytical eyes were supposedly on Trump’s visit this week to China , where they speculated he could urge president Xi Jinping to pressure Iran into making concessions as the biggest buyer of the Islamic republic’s sanctioned crude. “ Europe is going to have an economic crisis and the U.S., a political one Felipe Elink Schuurman, CEO, Sparta Commodities Meanwhile, Israeli prime minister Benjamin Netanyahu warned that the conflict with Iran was “not over” but avoided speculating how long the hostilities would last, raising fears that more attacks and counterattacks could threaten oil supplies. For their part, Citi analysts stated in a note, “We assume that the regime will make a deal that reopens the Strait [ of Hormuz ] around end-May … but we continue to see the risks skewed towards this timeline being pushed out and/or a partial reopening, which means disruptions for longer.” Felipe Elink Schuurman, CEO and co-founder of Sparta Commodities , s