Trump Rejects Iran's Counterproposal, Boosting Gasoline Price Expectations

President Donald Trump rejected Iran’s counterproposal to end hostilities in the Middle East, leading traders on Kalshi to increase their expectations for gasoline prices surpassing $5.00 per gallon with a probability of 68%. Oil prices rose sharply as Brent crude and West Texas Intermediate futures climbed nearly 3%.

By Ananya Chetia · CNBC · May 11, 2026, 18:05 UTC

Trump Rejects Iran's Counterproposal, Boosting Gasoline Price Expectations

Topics: gasoline prices geopolitical tensions oil U.S.-Iran relations

Read the full article at CNBC

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