Oil Futures Up as U.S.-Iran Cease-fire Talks Fail Again


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Oil futures rose on Monday (5/11) as cease-fire 
negotiations between the United States and Iran failed again as both parties 
continue rejecting each other's proposals while the Strait of Hormuz remains 
under a naval blockade putting upward pressure on energy prices.  

   On Sunday, U.S. President Trump posted on his social media that Iran's 
proposal is "totally unacceptable".  Meanwhile, Reuters reported that Iran's 
Ministry of Foreign Affairs spokesman Esmaeil Baghaei accused the U.S. of 
presenting "unreasonable demands".

   Negotiations are centered on ceasefire guarantees, the control of the Strait 
of Hormuz, the end of Iran's nuclear program, and the lifting of U.S. sanctions 
on Iranian oil trade.

   The front-month NYMEX WTI futures contract rose $1.41 to $96.83 bbl, while 
the July ICE Brent futures contract increased  $1.75 to $103.04 bbl.

   June RBOB gasoline futures advanced $0.0358 to $3.5625 gallon, in contrast 
the front-month ULSD contract retreated $0.0013 to $3.8978 gallon.

   The U.S. dollar index dropped 0.004 points to 97.780. 




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