Oil prices surged, Brent up 2.9% to $107.17/barrel and WTI up 3.3% to $101.35/barrel.
President Trump said the Iran cease‑fire is on “life support,” rejecting Tehran’s counteroffer and raising fears of renewed conflict.
Traders eye US April CPI and producer price data, expecting higher inflation that could keep Fed rates elevated.
Upcoming Trump‑Xi meeting in Beijing may influence Iran talks, as China is Iran’s top oil buyer and holds diplomatic leverage.