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May 12, 2026

Oil prices rise as the Iran war drags on, but stocks inch to more records

By STAN CHOE
AP Business Writer

NEW YORK — Oil prices rose Monday as the war with Iran threatens to drag on for longer, but the U.S. stock market nevertheless inched toward more records.

The price for a barrel of Brent crude oil climbed 2.9% to settle at $104.21 after President Donald Trump said the U.S.-Iran ceasefire was on “life support” after he rejected Iran's latest proposal to end their war. The rejection raises the stakes for Trump's trip this week to China, where he could urge President Xi Jinping to pressure Iran into making concessions. Xi has influence because China is the biggest buyer of Iran's sanctioned crude oil.


 
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