Iran war briefing: Trump’s claim causes spike in oil prices as Tehran issues warning

WorldBusiness & Finance
11 May 2026 • 3:39 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

Iran war briefing: Trump’s claim causes spike in oil prices as Tehran issues warning

  • Donald Trump rejected Iran's response to his proposals for ending the war as "totally unacceptable," despite Iran's focus on de-escalation and shipping safety.
  • Iran issued a stern warning to the UK and France, stating that any warships in the Strait of Hormuz would be met with a "decisive response" amid rising tensions.
  • Israeli prime minister Benjamin Netanyahu indicated that "work needs to be done" in Iran, while Israeli attacks in Lebanon killed at least 51 people despite an ongoing ceasefire.
  • A South Korean bulk carrier was struck by unidentified objects in the Strait of Hormuz, causing a fire, an incident Donald Trump attributed to an Iranian attack, which Iran denies.
  • Donald Trump is expected to press Chinese President Xi Jinping on Beijing’s alleged support for Tehran, including dual-use technology and potential weapons assistance, during upcoming summit talks.

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