US-Iran negotiations falter, leading to a significant rise in international oil prices.

International crude oil futures prices rose significantly on Sunday evening (May 10) as setbacks in peace talks between the United States and Iran boosted market risk premiums.

According to Xinhua News Agency, as of 7:10 p.m. Eastern Time on the 10th (7:10 a.m. Singapore Time on the 11th), the price of light sweet crude oil futures for June delivery on the New York Mercantile Exchange rose by $2.91 to $98.33 per barrel (approximately S$124.68), an increase of 3.05%; the price of Brent crude oil futures for July delivery on the London ICE Futures Exchange rose by $3.13 to $104.42 per barrel, an increase of 3.09%.

US President Trump posted on the social media platform Truth Social on the 10th, saying that he was not satisfied with Iran's response and called it "completely unacceptable".

According to a report by Iran's Press TV on the evening of the 10th, Iran has rejected the proposal put forward by the United States, believing that agreeing to the US proposal would mean that Iran would succumb to Trump's excessive demands.

Following the ceasefire reached between the United States and Iran on April 8 (Singapore time) , negotiations between the two sides have been repeatedly delayed, dampening market optimism that the two sides would reach an agreement soon and that navigation would resume in the Strait of Hormuz.

Source: [Lianhe Zaobao] (https://www.zaobao.com/news/world/story20260511-9027887)