BlockBeats news: On May 12, as market hopes for a ceasefire agreement in Iran continued to wane and U.S. President Trump was reported to be considering resuming military action, international oil prices rose further on Tuesday. As of 10:10 a.m. Eastern Time on Tuesday, Brent crude oil prices increased by over 3.5% to $107.89 per barrel; WTI crude oil rose 3.62%, reclaiming the $100 per barrel threshold.
Reports indicate that Trump discussed next steps regarding the situation in Iran with his national security team on Monday. Although the White House still hopes to reach an agreement to end the conflict, core differences between the United States and Iran remain significant.
Axios, citing U.S. officials, reported that Trump is considering escalating military action to further pressure Iran and advance negotiations. One official said Trump may "increase pressure further."
Trump previously stated that the U.S.-Iran negotiations are currently "on life support" and criticized Iran's response to the U.S. proposal as "extremely weak."
In addition, the U.S. government is considering reviving Operation Freedom, a military escort initiative designed to ensure the safe passage of international vessels amid Iran’s blockade of the Strait of Hormuz. The operation was previously suspended last week.