Oil Gains 2% as Fragile U.S.-Iran Cease-Fire Fuels Concerns

In Iran and global markets on 12 May 2026, oil rose 2% as the fragile US-Iran ceasefire kept concerns alive. Reuters reports hopes of a quick end to the Iran war faded and that the ceasefire is 'on life support', while stocks fell. Nikkei Asia reports bond yields jumped in Japan and South Korea as US-Iran talks snagged, and OilPrice reports copper nearing a record high.

US inflation rose to 3.8% in April, the highest in nearly three years, according to several outlets, which link it to higher energy and petrol prices during the war. Al Arabiya reports Germany recorded its highest inflation rate since January 2024. Separately, the New York Times reports on Iran's internet blackout and its effect on the economy, and Euronews reports the US Treasury is enlisting banks to target Iranian money laundering schemes.