Oil prices rose to about $109.30 per barrel on Sunday, May 17, 2026, extending last week’s gains of around $107, as Middle East tensions kept global energy markets on edge, according to Oilprice.com data.
The rally followed renewed warnings from United States President Donald Trump, who urged Iran to accelerate de-escalation efforts, saying the “clock is ticking” and warning of consequences if delays persist. On Truth Social, he wrote: “They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
The remarks came as diplomatic efforts remained stalled over regional security and key oil shipping routes, including the Strait of Hormuz, a critical channel for global crude flows.
The BBC reported that Trump was expected to speak with Israeli Prime Minister Benjamin Netanyahu on Sunday, as Washington and Tel Aviv continued consultations over the crisis.
Trump has described ceasefire efforts as being on “massive life support,” after rejecting what he called “totally unacceptable” Iranian terms.
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Tehran, however, said its response was “responsible” and “generous,” according to Foreign Ministry spokesperson Esmail Baghaei.
Iran’s Tasnim news agency reported its position includes a full ceasefire, lifting maritime restrictions, guarantees against further attacks, compensation for war damage, and recognition of Iran’s authority over the Strait of Hormuz.
Foreign Minister Seyyed Abbas Araghchi said the strait remains open to commercial shipping, though vessels must comply with Iranian naval authorities.
Trump also claimed Chinese President Xi Jinping agreed Iran should reopen the strait, but Beijing has not confirmed this.
About 30 Chinese vessels reportedly transited the Strait on Wednesday, underscoring continued traffic despite tensions.