May 12, 2026

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

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Iran Oil stocks War

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NEW YORK (AP) — Oil prices are rising Monday as the war with Iran threatens to drag on for longer, but the U.S. stock market is nevertheless inching toward more records. The price for a barrel of Brent crude oil climbed 2.9% to $104.18 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 leverage because China is the biggest buyer…

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

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