Fuel Costs Climb as Trump Dismisses Iran Peace Talks

Key Details Oil prices surged more than 2% on May 11 after President Trump rejected Iran's response to U.S. ceasefire proposals. Brent crude jumped 2.6% to $103.88 per barrel, while U.S. benchmark crude climbed 2.5% to $97.78. The price spike reflects ongoing tensions tied to the Iran conflict that began in late February. Why It Matters for Drivers With the Strait of Hormuz largely closed and U.S. sea blockades limiting Iranian port access, oil prices are expected to remain elevated. Brent crude has nearly doubled from the $70 mark before the war started, directly impacting diesel and fuel costs at the pump. Analysts warn higher energy prices could persist until diplomatic progress materializes. Looking Ahead Trump's planned meeting with Chinese leader Xi Jinping this week may influence negotiations. China maintains strong economic ties with Iran, and U.S. officials are pressuring Beijing to help reopen the critical Strait of Hormuz shipping lane. ING commodities analysts noted there remains potential for positive outcomes, though uncertainty continues to pressure global energy markets and fleet operating costs.