The oil tanker Brugge anchored off Long Beach Harbor, Long Beach, California, United States, Thursday, May 7, 2026.
Tim Rue | Bloomberg | Getty Images
US oil prices jumped more than 6% on Monday after President Donald Trump told CNBC he didn’t care about the end of talks with Iran.
West Texas Intermediate Futures added more than 6% to $92.94 per barrel as of 1:06 p.m. ET. International reference Brent crude futures rose more than 5% to $96.15.
Iranian state media said earlier Monday that Tehran will interrupt the talks with the United States and completely close the Strait of Hormuz in response to Israeli attacks in Lebanon.
“I really don’t care. I don’t care,” Trump told CNBC’s Eamon Javers in a phone interview when asked about the information coming out of Iran.
Iranian negotiators will not engage in negotiations with the United States until Israel ceases its attacks in Gaza and Lebanon and withdraws from occupied areas of Lebanon, according to Iran’s Tasnim news agency.
Tehran will completely block the Strait of Hormuz and open other fronts, including the Bab el-Mandeb Strait, Tasnim reported. The Bab el-Mandeb Strait is a trade bottleneck that connects the Red Sea to the Gulf of Aden.
Brent and WTI closed up 11.1% and 9.6% respectively last week, recording their worst weekly performance since mid-April. Contracts remain up about 30% since the US-Israeli war against Iran began on February 28.
The United States and Iran launched new strikes and Israel ordered its troops deeper into Lebanon over the weekend, reviving concerns that clashes with the Iran-backed Hezbollah group threaten a fragile ceasefire between Washington and Tehran.
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Israeli Prime Minister Benjamin Netanyahu welcomed the capture of Beaufort Castle in southern Lebanon by the forces of his country, would have describing the move as a “decisive shift” in its growing ground offensive against Hezbollah. European officials have sharply criticized the latest Israeli escalation.
US President Donald Trump said Monday via social media that Iran “really wants to make a deal”, insisting that this will be a good thing for Washington and its allies. “Just sit back and relax, everything will work out in the end – it always does!”, Trump said in a Truth Social job.
His comments follow a resumption of airstrikes between the United States and Iran over the weekend, with both sides saying they hit military targets near the Strait of Hormuz, a narrow waterway that typically handles about 20% of the world’s oil traffic.
Talks aimed at ending the war in Iran have shown little progress in recent weeks, with the two sides locked in a tenuous ceasefire since early April.
Uncertainty surrounding deals persistsAxios reported On Saturday, Trump requested several amendments to the latest terms his envoys reached with Iranian officials. The report, which cites two unnamed U.S. officials, said Trump’s request hinged on several issues, including Iranian nuclear material. CNBC was unable to independently verify the report.
Jorge León, head of geopolitical analysis at Rystad Energy, said oil traders appear to be anticipating a deal of some sort in the coming weeks, but warned that prices could rise as high as $180 a barrel by August if peace talks collapse.
“Suppose there is no deal and fighting resumes between the United States and Iran, we saw a scenario of $180 a barrel by August, and that will mean a severe global economic recession, especially in Europe and emerging Asia,” León told CNBC.Squawk Europe Box” on Monday.
“We also have the other scenario where, suddenly, the United States and Iran agree on everything, including the nuclear issue, including the reopening of the Strait of Hormuz. In this world, prices will quickly fall to around $70 per barrel by the end of the year,” he added.
The crude oil tanker Sea Voyager anchored off Long Beach Harbor in Long Beach, California, United States, Thursday, May 7, 2026.
Tim Rue | Bloomberg | Getty Images
Goldman Sachs said risks to its forecasts of $90 and $83 per barrel for Brent and WTI for the fourth quarter of 2026 remained “two-sided”, with the bank warning that while continued supply disruptions in the Middle East could push prices higher, weakening demand could create significant downside risks.
Goldman estimated that weak April retail oil sales data in China and Western Europe together implied a downside risk of about 2 million barrels per day to its already subdued demand forecast.
