Aramco oil facility, south of Riyadh, Saudi Arabia, on Sept. 15, 2019. Fayez Nureldine /AFP via Getty Images
Oil prices climbed higher on May 11 after U.S. President Donald Trump dismissed an Iranian response to his peace proposal, leaving concerns that the 10-week-long conflict could continue to choke off shipping through the Strait of Hormuz.
The price of the benchmark Brent crude oil climbed to $105.92 per barrel in early trading—an intraday spike of about 4.5 percent—as markets reopened after the weekend, as the commodity continued to fluctuate amid the uncertainty caused by the war.
