US-Iran ceasefireMěi Yī tínghuǒ美伊停火negotiationstánpàn谈判to fall into / to be mired inxiànrù陷入deadlock / stalematejiāngjú僵局，international oil pricesguójì yóujià国际油价to break through / to surpasstūpò突破$100 per barrelměi tǒng 100 měiyuán每桶100美元。
May 12, 2026 at 1:00 PM
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BusinessOil Prices Surpass 100 Dollars Per Barrel as US-Iran Ceasefire Talks Collapse
As US-Iran ceasefire negotiations fell into deadlock, international oil prices climbed to $101 per barrel on May 12th, setting a new four-year high.
On May 12th, West Texas Intermediate crude oil futures prices rose 3%, breaking through $101 per barrel, while Brent crude oil also climbed to $107 per barrel.
This round of oil price increases is primarily driven by the breakdown of U.S.-Iran ceasefire negotiations.
U.S. President Trump stated that Iran's response is worthless, hinting at the possibility of resuming large-scale military operations.
Iran's Ministry of Foreign Affairs, however, insists that its proposal is reasonable and generous. According to reports, the proposal includes demands for sovereignty over the Strait of Hormuz.
The continued rise in oil prices has already cost American consumers an extra $37 billion in energy spending this year.
Trump proposed on Monday suspending federal fuel taxes to ease consumers' fuel price pressure, though this action requires Congressional approval.
Market analysts warn that if the conflict escalates again, global energy supplies could tighten further.
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