Invezz
2026-05-11 19:44:54
2026-05-11 19:44:54
Evening digest: Trump says Iran ceasefire on life support, Oil tops $104
Global markets faced renewed uncertainty on Monday after US President Donald Trump said the ceasefire with Iran was on “massive life support,” sending crude oil prices sharply higher as concerns over disruptions in the Strait of Hormuz intensified. Meanwhile, Bitcoin held steady above the $80,000 level as investors monitored progress on a major US crypto regulation bill. Indian jewellery stocks, including Titan Company, Senco Gold, and Kalyan Jewellers, fell sharply after Prime Minister Narendra Modi urged consumers to avoid buying gold jewellery for a year to help preserve foreign exchange reserves. Trump rejects Iran ceasefire proposal Tensions in the Middle East escalated again on Monday after US President Donald Trump said the ceasefire between the US and Iran was on “massive life support,” raising concerns that the 10-week conflict could continue disrupting global energy markets and shipping routes. Speaking in the Oval Office, Trump described Tehran’s latest response to a US peace proposal as a “piece of garbage” and said he “didn’t even finish reading it.” A Bloomberg report said citing a person familiar with the discussions, Iran’s proposal called for the lifting of Washington’s naval blockade and sanctions relief, while preserving a degree of Iranian control over traffic through the Strait of Hormuz. Trump did not clarify whether the US would resume direct military action against Iran, though he told Fox News earlier in the day that his administration was considering reviving plans to escort ships through the waterway. “There’s no pressure at all,” Trump insisted on Monday. “We’re going to have a complete victory.” The latest developments underscore the continuing difficulty in reaching a diplomatic resolution to the conflict, which has strained relations between Washington and Beijing ahead of Trump’s planned meeting with Chinese President Xi Jinping later this week. Oil prices climb as Strait of Hormuz disruption continues Crude oil prices rose sharply as investors reacted to renewed uncertainty around the conflict and the continued disruption of shipping through the Strait of Hormuz. Brent crude settled up $2.92, or 2.88%, at $104.21 per barrel after reaching an intraday high of $105.99. US West Texas Intermediate crude rose $2.65, or 2.78%, to settle at $98.07 per barrel after briefly crossing the $100 mark. The gains reversed sentiment from last week, when both benchmarks had posted losses of around 6% amid hopes that a ceasefire agreement was close. Shipping activity through the Strait of Hormuz remains severely restricted, with Iran deploying Ghadir-class submarines in the Persian Gulf, according to Tasnim news agency. The disruption has already begun affecting global oil flows. Reuters reported that OPEC oil output fell by 830,000 barrels per day in April to its lowest level in more than two decades as exports through the strait were curtailed. Bitcoin steadies as crypto investors await Senate action The cryptocurrency market was comparatively stable on Monday despite broader geopolitical tensions, with Bitcoin holding above the $80,000 level. Bitcoin traded slightly higher at around $81,561 as investors focused on potential regulatory developments in Washington. Other major cryptocurrencies were mixed. Ethereum and XRP declined, while Solana posted modest gains. Investor attention is now turning toward the Senate Banking Committee, which is expected to conduct a markup this week on the proposed Clarity Act, a broader bill aimed at regulating the cryptocurrency industry. The legislation would still require 60 votes to pass the full Senate, but market participants are closely watching the level of bipartisan support emerging from committee discussions. Indian jewellery stocks tumble after Modi urges gold restraint Indian jewellery retailer stocks fell sharply after Prime Minister Narendra Modi urged consumers to avoid buying gold jewellery for a year in order to help conserve foreign exchange reserves and support the rupee. Shares of Titan Company, Senco Gold, and Kalyan Jewellers declined between 6% and 9% as investors worried about weaker demand and the possibility of future policy tightening targeting gold imports. India imports nearly all the gold it consumes, making the sector highly sensitive to changes in government policy and external trade pressures. The market reaction reflected concerns that policymakers could eventually consider higher import duties or additional restrictions if pressure on the rupee intensifies further. A government source said there were currently no plans to increase import duties on gold or silver, though investors remained cautious. The post Evening digest: Trump says Iran ceasefire on life support, Oil tops $104 appeared first on Invezz
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