Oil Climbs as Trump Says US-Iran Ceasefire on ‘Life Support’

The Motiva Port Arthur Refinery in Port Arthur, Texas.
Photographer: Mark Felix/Bloomberg

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By Mia Gindis, Yongchang Chin, and Alex Longley

May 10, 2026 at 10:02 PM UTC

Updated on

May 11, 2026 at 7:55 PM UTC

Oil rose after President Donald Trump said a fragile ceasefire between the US and Iran is close to unraveling, prolonging the effective closure of the crucial Strait of Hormuz.

Brent futures advanced 2.9% to settle near $104 a barrel, the highest in almost a week. Axios reported that Trump is meeting with his national security team to discuss next steps in the Middle East conflict, including possibly resuming military action.