WTI Surges 2.3% to $97.55 as Trump Rejects Iran Peace Counterproposal; Airlines Slip

WTI crude surged 2.3% to $97.55/bbl on May 11, 2026, after President Trump rejected Iran's counter-proposal to a U.S. peace plan, prolonging the Strait of Hormuz closure since March 1 and offsetting OPEC+'s third 188,000 bpd quota hike for June. Prices have risen from $79.63/bbl in July 2023 to $115 peaks amid stranded tankers (traffic down from 40 to 1 vessel/day), Iran's May 2 rules banning Israeli ships and demanding transit permissions/reparations, and Trump's Project Freedom naval escorts launched May 4. US airlines' March jet fuel costs hit $5.06B (up 56% MoM), weighing on stocks despite IEA's 400M-barrel reserve release.