TOKYO: Oil prices rose on Monday after US President Donald Trump rejected Iran&#39;s terms for ending the war in the Middle East, while stocks were mixed. Trump&#39;s repudiation of Iran&#39;s response to his latest peace proposal raised the likelihood of further violence and disruptions to oil supplies through the Strait of Hormuz. &quot;I have just read the response from Iran&#39;s so-called &#39;Representatives.&#39; I don&#39;t like it &mdash; TOTALLY UNACCEPTABLE!&quot; said Trump, who is due in China this week where the war will likely loom large in discussions. &quot;We did not demand any concessions. The only thing we demanded was Iran&#39;s legitimate rights,&quot; Iranian foreign ministry spokesman Esmaeil Baqaei said Monday. Iran wants &quot;an end to the war&quot; and to the US naval blockade, and the &quot;release of assets belonging to the Iranian people, which have for years been unjustly trapped in foreign banks&quot;, he said. &quot;President Trump&#39;s swift rejection of these counter-demands underscores the wide gulf between both sides, pointing to a risk of prolonged uncertainty rather than rapid de-escalation,&quot; said Lloyd Chan at Japanese bank MUFG. &quot;For oil markets, this suggests a persistent geopolitical risk premium as Hormuz disruptions drag on,&quot; Chan said. Oil came off earlier highs and Asian stocks were mixed, with Tokyo closing half a percent lower and Hong Kong little changed but Seoul was up 4.3%, boosted by tech stocks. In Tokyo, Nintendo shares plunged almost 10% after the Japanese gaming giant warned Friday of lower profits this year and said it would hike the price of its Switch 2 console. In Europe Frankfurt and Paris started lower but London eked out early gains. US Treasury Secretary Scott Bessent was due in Japan and South Korea before heading to China for Trump&#39;s high-stakes summit with President Xi Jinping. &quot;China is willing to work with the United States in the spirit of equality, respect, and mutual benefit, to expand cooperation, manage differences, and inject more stability and certainty into a volatile and intertwined world,&quot; China&#39;s foreign ministry said Monday.

A man walks past an electronic quotation board displaying the Nikkei 225 stock prices on the Tokyo Stock Exchange along a street in Tokyo on May 11, 2026. (AFP)

Banking

Oil prices rise after President Donald Trump rejects Iran’s conditions to end the Middle East conflict, increasing fears of prolonged instability and possible disruptions to crude shipments through the Strait of Hormuz.

Oil prices rise as Trump rejects Iran’s Middle East peace proposal

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ISLAMABAD: Pakistan&rsquo;s Deputy Prime Minister and Foreign Minister Ishaq Dar on Monday held talks with Norway&rsquo;s Deputy Foreign Minister Andreas Motzfeldt Kravik at the Ministry of Foreign Affairs, focusing on the evolving regional situation and prospects for enhanced cooperation. During the meeting, Dar underscored Pakistan&rsquo;s continued efforts to promote engagement and dialogue aimed at ensuring peace and stability in the region and beyond. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 696px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2051224215488004364&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=2ce8bbd824ad3b4d0ec5e5bd188a62392d83fc8e&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px">&nbsp;&nbsp;</iframe></div></div>Kravik appreciated Pakistan&rsquo;s constructive role and reiterated Norway&rsquo;s support for ongoing efforts toward a peaceful and durable resolution of conflicts. Both sides also reviewed bilateral relations and explored avenues to deepen cooperation across various sectors of mutual interest. The Norwegian deputy foreign minister conveyed an invitation from his country&rsquo;s foreign minister to Dar to participate in the Oslo Forum scheduled for next month. Dar expressed appreciation for the invitation, with both sides agreeing to remain in close contact on bilateral matters as well as issues relating to peace, stability, and development. Pakistan, UK discuss regional tensions, peace efforts Pakistan&rsquo;s foreign minister also spoke with UK Foreign Secretary Yvette Cooper on Monday, discussing regional developments, peace efforts and global economic concerns, according to the Ministry of Foreign Affairs.&nbsp; The Foreign Office said in a post on X (formerly Twitter) that the two leaders exchanged views on evolving regional developments. Cooper said Pakistan&rsquo;s efforts to support engagement and mediation aimed at lasting peace in the region were noted. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-2" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 770px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2051355003558961595&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=aacf9820f3d834bc3c8b3361a678ef714ca4d4a7&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" data-tweet-id="2051355003558961595">&nbsp;&nbsp;</iframe></div></div> Dar said Pakistan remains committed to dialogue and diplomacy for regional and global peace and stability. The two also discussed global economic implications and wider impacts of ongoing conflicts.&nbsp;Both sides agreed to remain in close contact on bilateral, regional and international matters of mutual interest.

Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar receives Norway's Deputy Foreign Minister Andreas Motzfeldt Kravik at the Ministry of Foreign Affairs in Islamabad on May 4, 2026. (Photo: X/ @ForeignOfficePk)

Foreign Affairs

Kravik appreciates Pakistan’s constructive role and reiterated Norway’s support for ongoing efforts toward a peaceful and durable resolution of conflicts.

Articles tagged with "global economy"

Oil prices rise as Trump rejects Iran’s Middle East peace proposal

Pakistan FM, Norwegian deputy FM discuss regional situation, bilateral ties

Oil prices rise as Trump rejects Iran’s Middle East peace proposal