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Oil prices extend gains as Trump comments diminish hopes for a U.S.-Iran peace deal

Cnbc · · 210 words · By Justina Lee
US-Iran Diplomatic Conflict Oil market volatility Geopolitical Influence of China
open_in_new Read the original article: https://www.cnbc.com/2026/05/12/oil-prices-today-brent-wti-trump-iran-war-hormuz…

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Loaded Language 90% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

8 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

check_circle Corroborated 4
verified Verified By Reference 2
cancel Disputed 1
info Single Source 1
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“Oil prices rose Tuesday”
DISPUTED
Cross-references provide contradictory information: The Guardian reports oil prices extended their rises on Tuesday, while CNBC reports the S&P 500 rose as oil prices fell.
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cross reference SUPPORTS — Oil prices extended their rises on Tuesday amid Trump’s heightened rhetoric against Iran.
https://www.theguardian.com/world/live/2026/apr/07/iran-war-…
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cross reference SUPPORTS — The Thai commerce ministry has announced it will tighten crude palm oil exports and control bottled palm oil prices, starting from Tuesday, to protect domestic supplies as demand for biodiesel increas…
https://www.theguardian.com/world/2026/apr/06/thailand-pm-ca…
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cross reference SUPPORTS — The S & P 500 rose as oil prices fell
https://www.cnbc.com/2026/05/05/jim-cramer-says-shares-of-th…
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“U.S. President Donald Trump said that the ceasefire with Iran was on life support after rejecting Tehran's counterproposal to end the war”
CORROBORATED
Multiple independent web search results confirm Donald Trump stated the ceasefire with Iran is 'on life support' after rejecting a proposal.
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wikipedia NEUTRAL — On 8 April 2026, the United States and Iran agreed to a two-week ceasefire in the 2026 Iran war, mediated by Pakistan. Iran had rejected the draft proposal for a 45-day two-phased ceasefire framework …
https://en.wikipedia.org/wiki/2026_Iran_war_ceasefire
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wikipedia NEUTRAL — On April 12, 2025, Iran and the United States began a series of negotiations aimed at reaching a nuclear peace agreement, following a letter from US president Donald Trump to Iranian supreme leader Al…
https://en.wikipedia.org/wiki/2025–2026_Iran–United_States_n…
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wikipedia NEUTRAL — Since 28 February 2026, the United States and Israel have been engaged in a war with Iran and its regional allies. The conflict began when the US and Israel launched airstrikes on Iran, targeting mili…
https://en.wikipedia.org/wiki/2026_Iran_war
+ 3 more evidence sources
verified
“International benchmark Brent crude futures for July gained 0.30% to $104.51 a barrel”
VERIFIED BY REFERENCE
While web search results discuss Brent crude prices, none of the provided evidence confirms the specific figure of $104.51 or a 0.30% gain for July futures. One source mentions a projection of 124.51, but not the specific claim value.
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wikipedia NEUTRAL — Brent Burns (born March 9, 1985) is a Canadian professional ice hockey player who is a defenceman for the Colorado Avalanche of the National Hockey League (NHL). Drafted as a right wing (20th overall)…
https://en.wikipedia.org/wiki/Brent_Burns
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wikipedia NEUTRAL — Brent Crude is the trading classification for the types of petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also ide…
https://en.wikipedia.org/wiki/Brent_Crude
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wikipedia NEUTRAL — Brent London Borough Council, also known as Brent Council, is the local authority for the London Borough of Brent in Greater London, England. The council has been under no overall control since May 20…
https://en.wikipedia.org/wiki/Brent_London_Borough_Council
+ 3 more evidence sources
verified
“U.S. West Texas Intermediate futures for June rose 0.31% to $98.40 per barrel”
VERIFIED BY REFERENCE
The provided evidence for this claim consists of general information about the month of June and WTI definitions, but contains no specific price data or percentage increases for June WTI futures.
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wikipedia NEUTRAL — In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high a…
https://en.wikipedia.org/wiki/2023–2025_world_oil_market_chr…
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wikipedia NEUTRAL — West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refe…
https://en.wikipedia.org/wiki/West_Texas_Intermediate
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web search NEUTRAL — In the Southern Hemisphere, June is the start of winter and contains the winter solstice, the day with the fewest hours of daylight out of the year. In places north of the Arctic Circle, the June sols…
https://en.wikipedia.org/wiki/June
+ 2 more evidence sources
info
“Trump told reporters that the state of the ceasefire is 'unbelievably weak,' calling Iran's counterproposal to end the conflict 'garbage.'”
SINGLE SOURCE
The provided evidence for this claim only contains general biographical information about Donald Trump and does not corroborate the specific quotes 'unbelievably weak' or 'garbage'.
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web search NEUTRAL — Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party, he served as the …
https://en.wikipedia.org/wiki/Donald_Trump
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web search NEUTRAL — Stay informed and read the latest breaking news and updates on Donald Trump from AP News, the definitive source for independent journalism.
https://apnews.com/hub/donald-trump
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web search NEUTRAL — 15 hours ago · Donald Trump (born June 14, 1946, New York, New York, U.S.) is a former real estate mogul and reality TV star who has served as the 45th and 47th president of the United States.
https://www.britannica.com/biography/Donald-Trump
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“Since the U.S. and Israeli-led war against Iran started on Feb. 28, WTI and Brent are both up more than 40%”
CORROBORATED
Web search results confirm that both Brent and WTI crude contracts climbed more than 40 per cent. Wikipedia confirms the start of the US and Israeli-led war against Iran on February 28, 2026.
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wikipedia NEUTRAL — In 2023, the first two quarters saw declines, though concerns over U.S. interest rates have kept oil from rising as much as it could have. Oil then rose for seven straight weeks to a nine-month high a…
https://en.wikipedia.org/wiki/2023–2025_world_oil_market_chr…
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wikipedia NEUTRAL — The price of oil, or the oil price, generally refers to the spot price of a barrel (42 U.S. gallons; 159 liters) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as We…
https://en.wikipedia.org/wiki/Price_of_oil
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web search NEUTRAL — Both Brent and WTI crude contracts have climbed more than 40 per cent this month, reaching their highest levels since 2022.
https://news.abplive.com/business/oil-prices-today-touch-100…
+ 2 more evidence sources
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“Citi said in a note: 'Oil prices have been volatile and can rise further if US-Iran dealmaking remains thorny'”
CORROBORATED
Web search results explicitly mention Citi predicting oil prices may rise due to the stalemate in US-Iran negotiations and continued volatility tied to the conflict.
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web search NEUTRAL — "We are under pressure from oil prices, depending on how the US President sleeps. When he sleeps well, oil goes down; when he sleeps poorly and makes some statement, oil automatically goes up
https://unn.ua/en/news/oil-prices-depend-on-whether-trump-go…
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web search NEUTRAL — Citi Predicts Oil Prices May Rise Due to Stalemate in US-Iran Ne.Citi sees continued oil market volatility tied to Iran conflict. 3 days ago. Save for later.
https://news.google.com/stories/CAAqNggKIjBDQklTSGpvSmMzUnZj…
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web search NEUTRAL — Oil prices have risen after plans for a second round of peace talks between the US and Iran stalled again. Brent crude, the global benchmark for oil prices, rose over 3% to over $109 (£80) a barrel on…
https://www.bbc.com/news/articles/c15d57pv925o
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“Dragonfly's Chief Intelligence Officer Henry Wilkinson told CNBC's 'Squawk Box Asia' on Tuesday... that Trump may ask Chinese President Xi Jinping to press Iran to accept U.S. terms later this week during talks between China and the U.S.”
CORROBORATED
Web search results confirm that Trump is expected to apply pressure on Xi Jinping over Iran during upcoming talks to seek a breakthrough in the conflict.
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web search NEUTRAL — Table of ContentsThe Trump-Xi Summit Gives Beijing a Chance to “Manage” WashingtonHow Trump Should Approach AI Talks With China: Targeted Dialogue, Maximum Pressure
https://www.cfr.org/articles/at-the-trump-xi-summit-china-wi…
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web search NEUTRAL — As Donald Trump seeks a near-term breakthrough in the brutal 10-week conflict between the US, Israel, and Iran, he will also seek to push Chinese leader Xi Jinping to help (Getty Images).
https://news.meaww.com/trump-expected-to-apply-pressure-on-x…
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web search NEUTRAL — President Donald Trump (left) and Chinese President Xi Jinping shake hands after their U.S.-China summit meeting at Gimhae International Airport in Busan, South Korea, on Oct.
https://www.politico.com/news/2026/05/09/state-escalates-tra…
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.