Oil drilling rigs
Oil prices rose in early session today, May 11, amid growing concerns about supply shortages after US President Donald Trump described the Iranian response to the US proposal as “unacceptable”. 
Brent crude was trading up 4.55% at $105.92 a barrel, at 08:01 am Makkah time. West Texas Intermediate (WTI) rose 5.15% to $100.32 a barrel.
The sharp rise comes after a week during which both contracts recorded losses of 6%, amid expectations at the time that the 10-week-long conflict was nearing its end, which would have allowed oil tankers to resume crossing the strategic Strait of Hormuz.
However, the stalled negotiations brought uncertainty back to the markets.
Oil drilling rigs
Oil prices rose in early session today, May 11, amid growing concerns about supply shortages after US President Donald Trump described the Iranian response to the US proposal as “unacceptable”.
Brent crude was trading up 4.55% at $105.92 a barrel, at 08:01 am Makkah time. West Texas Intermediate (WTI) rose 5.15% to $100.32 a barrel.
The sharp rise comes after a week during which both contracts recorded losses of 6%, amid expectations at the time that the 10-week-long conflict was nearing its end, which would have allowed oil tankers to resume crossing the strategic Strait of Hormuz.
However, the stalled negotiations brought uncertainty back to the markets.
