Oil prices rise amid concerns over fragile Iran-U.S. negotiations on stronger Iran-U.S. tensions
By Justina Lee
Published on May 7, 2026.
Oil prices have risen amid concerns over renewed tensions between Iran and the U.S. amid reports of a one-page, 14-point memorandum of understanding being reached. Despite these reports, President Donald Trump warned that Iran would be bombed "at a much higher level" if it doesn't agree to a peace deal. This has raised concerns about the stability of the conflict and potential impact on the economy. The Iranian Foreign Ministry spokesperson, Esmaeil Baqaei, responded by stating that Tehran is still reviewing the proposal and will present its response to mediators in Pakistan.
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