On May 11, international crude oil prices surged: WTI rose 2.78% and Brent 2.88%, with Brent nearing $103/barrel and jumping over 5% intraday. The key catalyst was collapsed US-Iran talks: Trump formally rejected Iran’s “14-point peace proposal”, with deep disagreements over uranium enrichment and sanctions relief, raising shipping risks in the Strait of Hormuz. Markets feared supply disruptions, and seasonal global demand recovery fueled a rapid rebound. Trump also proposed suspending the federal gasoline tax to ease domestic price pressures, which may cap gains near term but not reverse the geopolitics-driven uptrend. Analysts believe a prolonged US-Iran deadlock could keep oil above $100/barrel, stoking global inflation and forcing major economies to keep monetary policy tight.