{"id":61789,"date":"2026-05-10T20:38:26","date_gmt":"2026-05-11T00:38:26","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-above-104-as-trump-rejects-iran-peace-deal-kospi-hits-record-high\/61789\/"},"modified":"2026-05-10T20:38:26","modified_gmt":"2026-05-11T00:38:26","slug":"oil-surges-above-104-as-trump-rejects-iran-peace-deal-kospi-hits-record-high","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-above-104-as-trump-rejects-iran-peace-deal-kospi-hits-record-high\/61789\/","title":{"rendered":"Oil Surges Above $104 as Trump Rejects Iran Peace Deal; KOSPI Hits Record High"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent crude jumped above $104 a barrel<\/strong> and <strong>WTI neared $99<\/strong> after U.S. President Donald Trump rejected Iran&#39;s latest peace response as <strong>&quot;totally unacceptable,&quot;<\/strong> sparking fears of a prolonged blockade in the Strait of Hormuz.<\/li>\n<li><strong>South Korea&#39;s KOSPI (+3.8%)<\/strong> surged to a fresh record high, driven by a massive rally in semiconductor giants Samsung Electronics (<a href=\"\/stock\/005930\">005930<\/a>) and SK hynix (<a href=\"\/stock\/000660\">000660<\/a>) despite the collapse of regional peace talks.<\/li>\n<li><strong>Saudi Aramco (<a href=\"\/stock\/2222\">2222<\/a>) CEO Amin Nasser<\/strong> warned that global oil markets may not normalize until <strong>2027<\/strong>, citing nearly <strong>1 billion barrels of lost supply<\/strong> and continued shipping disruptions.<\/li>\n<li><strong>JGB Futures and <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> retreated<\/strong> as surging energy costs reignited global inflation concerns, potentially forcing a faster pace of interest rate hikes by central banks.<\/li>\n<li><strong>Israel&#39;s general election<\/strong> signals a potential end to the nearly two-decade era of Prime Minister Benjamin Netanyahu, though analysts warn the region&#39;s &quot;forever wars&quot; are unlikely to subside.<\/li>\n<\/ul>\n<h2>Geopolitical Deadlock Drives Energy Crisis<\/h2>\n<p>Global energy markets were thrown into fresh turmoil on Monday after President Donald Trump dismissed Iran\u2019s response to a U.S. peace proposal. Writing on <strong>Truth Social<\/strong>, Trump characterized the counter-offer from Tehran&#39;s &quot;so-called representatives&quot; as <strong>&quot;totally unacceptable,&quot;<\/strong> accusing the regime of &quot;playing games&quot; and signaling a return to hostilities.<\/p>\n<p>Iranian state media retaliated by claiming the U.S. proposal amounted to a demand for <strong>&quot;capitulation,&quot;<\/strong> insisting on war reparations and full sovereignty over the <strong>Strait of Hormuz<\/strong>. The breakdown in diplomacy has intensified fears that the naval blockade, which handles roughly <strong>20% of the world\u2019s oil and LNG supply<\/strong>, will remain in place indefinitely.<\/p>\n<p>Saudi Aramco (<a href=\"\/stock\/2222\">2222<\/a>) CEO <strong>Amin Nasser<\/strong> added to the bearish sentiment for consumers, stating that even an immediate reopening of the strait would require months to rebalance the market. Nasser warned that the current supply shock, exacerbated by years of underinvestment, could keep markets strained until <strong>2027<\/strong>.<\/p>\n<h2>Asia-Pacific Markets: A Tale of Two Realities<\/h2>\n<p>Despite the geopolitical gloom, South Korean equities reached historic milestones. The <strong>KOSPI (+3.8%)<\/strong> was propelled by a &quot;chip euphoria&quot; following a strong tech rally on Wall Street and upbeat <strong>Non-Farm Payrolls<\/strong> data. Samsung Electronics (<a href=\"\/stock\/005930\">005930<\/a>) saw its market value climb above <strong>$1 trillion<\/strong>, while SK hynix (<a href=\"\/stock\/000660\">000660<\/a>) shares jumped over <strong>9%<\/strong> to break the &quot;1.8 million-nix&quot; level.<\/p>\n<p>The broader region showed a mixed performance as investors weighed tech gains against rising costs. While the <strong>Nikkei 225 (+0.9%)<\/strong> followed the tech lead, Australia&#39;s <strong>S&amp;P\/ASX 200 (-0.8%)<\/strong> fell as the weight of surging oil prices and inflation fears pressured the resource-heavy index.<\/p>\n<p>In the fixed income and commodity space, <strong>JGB Futures<\/strong> edged lower as investors braced for higher inflation. <strong>Gold<\/strong> also faced selling pressure, as the prospect of sustained high interest rates to combat energy-driven inflation reduced the appeal of the non-yielding asset.<\/p>\n<h2>Israel\u2019s Political Shift and the &quot;Forever Wars&quot;<\/h2>\n<p>In the Middle East, Israel\u2019s election results suggest a historic shift away from the <strong>Netanyahu era<\/strong>. However, the <em>South China Morning Post<\/em> reports that a change in leadership may not end the regional conflict. Netanyahu himself maintained a defiant stance over the weekend, asserting that the war against Iran is &quot;not over&quot; until its nuclear capabilities are fully dismantled.<\/p>\n<p>As the region remains on a war footing, diplomatic focus now shifts to the upcoming <strong>Xi-Trump summit<\/strong> in Beijing on May 14. Markets remain on edge, looking for any sign that the world&#39;s two largest economies can broker a resolution to the shipping crisis that continues to throttle global trade.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent crude jumped above $104 a barrel and WTI neared $99 after U.S. President Donald Trump rejected Iran&#39;s 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