Oil prices rose more than $3 a barrel on Monday after the United States and Iran failed to reach an agreement on a Washington-backed peace proposal, while the Strait of Hormuz remained largely shut, keeping global oil supplies under pressure.

Expectations of a near-term resolution to the 10-week-long U.S.-Iran conflict faded after US President Donald Trump on Sunday rejected Iran’s response to a U.S. peace proposal, calling it “unacceptable”.

Crude oil price on May 11

Brent crude futures gained $3.18, or 3.14%, to $104.47 a barrel by 2336 GMT, building on Friday’s 1.23% rise. U.S. West Texas Intermediate crude climbed $3.09, or 3.24%, to $98.51 a barrel after settling 0.64% higher in the previous session.The prolonged conflict has caused extensive damage across Iran and Lebanon, disrupted shipping through the Strait of Hormuz and pushed global energy prices sharply higher.

Iran’s response, released through state television on Sunday, focused on ending the conflict across all fronts, particularly in Lebanon, while also addressing the safety of shipping routes through the blocked Strait of Hormuz. Within hours of the proposal becoming public, Trump dismissed it in a social media post.
Trump is due to arrive in Beijing on Wednesday and is expected to discuss Iran among other issues with Chinese President Xi Jinping, Reuters reported citing US officials.
Market attention now shifts squarely to President Trump’s visit to China this week. Experts say there is hope he can persuade Beijing to leverage its influence over Iran to push for a comprehensive ceasefire and a resolution to the ongoing disruption in the Strait of Hormuz.
Saudi Aramco CEO Amin Nasser said on Sunday that the world has lost about 1 billion barrels of oil supply over the past two months, adding that energy markets would take time to stabilise even if flows resume.

According to Iranian state media, Tehran’s proposal includes demands for compensation for war-related damages and a reaffirmation of Iranian sovereignty over the strait. The semi-official Tasnim news agency reported that Iran also called on the United States to end its naval blockade, guarantee no further attacks, lift sanctions and remove restrictions on Iranian oil sales.

The U.S. proposal had suggested ending hostilities first before moving to negotiations on more contentious issues, including Iran’s nuclear programme.

Despite a month-old ceasefire and nearly 48 hours of relative calm, hostile drones were detected over several Gulf nations on Sunday, underlining the continuing risks facing the region.

Analysts said the market remains on edge. Haitong Futures noted that the ceasefire may only be temporary, adding that stalled negotiations between the U.S. and Iran could spark renewed escalation and drive oil prices even higher.

Nuvama Institutional Equities said a prolonged closure of the Strait of Hormuz could disrupt nearly 20 million barrels per day of crude flows. Under such a scenario, oil prices could potentially surge to between $110 and $150 per barrel.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Spring & Mulberry is expanding its recall of select chocolate bars to include all 12 of its product lines over concerns of possible Salmonella contamination, according to federal regulators.

The Friday announcement marks the second widening of the recall affecting the North Carolina-based company, a brand known for sweetening its chocolate bars exclusively with dates.

The U.S. Food and Drug Administration said the move follows an investigation that identified a batch of dates as the likely source of the contamination.

“The investigation has now identified a single lot of date ingredient used in the production of the company’s chocolate as the most likely source of contamination,” the agency said. 

In response, Spring & Mulberry is recalling all finished products made using the implicated lot of date ingredients.

FDA EXPANDS CHOCOLATE RECALL TO 8 PRODUCTS NATIONWIDE OVER SALMONELLA FEARS

While eight products were previously affected in the last recall update announced in January, the latest expansion now includes all 12 flavors listed by the company. 

The update adds the Blood Orange, Coffee, Pure Dark and Sea Salt varieties to the recall list, according to federal regulators.

The first two rounds of recalls initially affected Mint Leaf flavor, Earl Grey, Lavender Rose, Mango Chili, Mixed Berry, Mulberry Fennel, Pecan Date and Pure Dark Minis, which remain included in the recall.

CHOCOLATE BARS PULLED FROM SHELVES NATIONWIDE OVER SALMONELLA CONCERNS

All products included in the expanded recall have tested negative for Salmonella, the FDA said. The agency added that no illnesses linked to the recalled products have been reported.

The impacted products were available for purchase online and through select retail partners nationwide since August 2025, according to the FDA. 

The affected lot numbers, printed on both the box and inner wrapper, include 025217, 025289, 025325, 025226, 025274, 025344, 025346, 025204, 025205, 025212, 025216, 026037, 026040, 025245, 025322, 025328, 025225, 025272, 025342, 025364, 025220, 025223, 025247, 025248, 025251, 025253, 025288, 025296, 025335, 026008, 025230, 025287, 025233, 025237, 025238, 025239, 025240, 025241, 025290, 025294, 025329, 025330, 025217, 025218, 025219, 025254, 025266, 025269, 025324, 025338, 025350, 025302, 025303, 026009, 026013 and 026014. 

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Consumers who have purchased any of the listed products are urged not to consume them and to dispose of the product immediately.

To receive a refund, consumers can email recalls@springandmulberry.com a photo of the product packaging showing the batch code.

Salmonella is an organism which can cause “serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems,” the FDA said. 

Symptoms among healthy individuals may include fever, diarrhea, nausea, vomiting and abdominal pain. 

In rare and more serious cases, Salmonella can spread to the bloodstream, potentially causing arterial infections, endocarditis or arthritis.  

At least six states are slated to open their first Buc-ee’s locations by the end of next year, including two states expected to debut sites in the coming months of 2026.

The Texas-based gas station chain — known for its oversized travel plazas with clean restrooms and beaver-themed merchandise — is expected to open locations in Arizona and Arkansas later this year.

Buc-ee’s inaugural locations for next year also include Wisconsin, Louisiana, Kansas and North Carolina.

While the company’s website currently lists 55 locations across 12 states, the planned expansion would extend Buc-ee’s into 20 states. 

BELOVED BUC-EE’S CONVENIENCE STORE CHAIN FACES CUSTOMER SERVICE CRISIS AFTER DEVASTATING ‘F’ RATING

According to Fox 10 Phoenix, Arizona is scheduled to open its first Buc-ee’s store in Goodyear on June 22.

Located near Interstate 10 and Bullard Avenue, the site will span 74,000 square feet and feature 120 fueling positions.

A similar setup is also expected to debut in Benton, Arkansas, according to the company. 

“We’re happy to announce that it looks to be early to mid-August that the grand opening will take place,” Chairman of the City of Benton Advertising and Promotion Commission Bill Eldridge said, according to local outlet KATV.

The location is planned for the northwest corner of I-30 and State Highway 299.

BUC-EE’S PLANS TO OPEN THE WORLD’S LARGEST CONVENIENCE STORE 

Wisconsin’s first Buc-ee’s location is planned for Oak Creek, according to the city government. The store is expected to open in early 2027 at the southwest corner of I-94 and Elm Road, featuring 120 gas pumps across a 73,370-square-foot travel center.

Ruston, Louisiana, is targeting a mid-2027 opening for its first Buc-ee’s location, according to the city. The site is planned for the intersection of I-20 and Tarbutton Road, spanning over 70,000 square feet and including more than 100 fuel pumps.  

Kansas’ first Buc-ee’s location will come next year in Kansas City, featuring a similar layout to other new builds. The 74,000 square-foot gas station is planned near I-70 and West Village Parkway and is projected to open sometime in 2027.

North Carolina’s first Buc-ee’s location in Mebane is slated to open its doors in the coming expansion wave, marking the chain’s continued push into the Southeast. The giant convenience store is expected to open in the fourth quarter of 2027, according to local outlet WXII.

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While six states are expected to receive their first beaver-branded mega travel centers under Buc-ee’s expansion plans, several states already home to the chain are also set for additional locations.

Texas will open its 37th Buc-ee’s site in July in San Marcos, the Austin American-Statesman reported. 

Elsewhere, travel centers are expected to open next year in Monroe County, Georgia; Lafayette, Louisiana; St. Lucie and Tallahassee, Florida; Gallaway, Tennessee; and Fayette County, Arkansas.

Oak Grove, Kentucky, is also expected to receive a Buc-ee’s location in 2027 or later, while West Memphis has been pushed to June 2028, according to Arkansas Democrat Gazette. 

President Donald Trump said Sunday that federal agencies must prioritize American-made products in government purchasing, touting efforts to tighten enforcement of “Buy American” policies and limit exceptions that allow foreign goods.

“ALL FEDERAL AGENCIES MUST BUY AMERICAN — NO EXCUSES!” Trump exclaimed on Truth Social. “For decades, Washington politicians sent your Taxpayer Dollars overseas, and let Foreign Countries rip us off while our Workers, Factories, and Supply Chains were left behind. That betrayal is OVER.

“My Administration is strengthening MADE IN AMERICA Laws, ENDING Waiver Loopholes, and STOPPING the Federal Government from buying Foreign Products when Great American Products are available — And to the D.C. Bureaucrats: NO MORE handing out Waivers like candy!” he continued. “No more rubber-stamping exceptions for Foreign Products while American Workers get shafted.

“We are putting American Workers, American Factories, and American Supply Chains FIRST — Bigger, better, and stronger than ever before! I already signed EO 14392 to crack down on fake “MADE IN AMERICA” claims, and we are enforcing it HARD,” he added. “No more games. No more fake labels. No more ripping off the American Taxpayer. AMERICA FIRST means BUY AMERICAN!”

SELF-DEFENSE COMPANY FINDS MAJOR BENEFITS AFTER MOVING MANUFACTURING FROM OVERSEAS TO US

The comments come as the Trump administration moves to tighten domestic sourcing requirements across federal procurement, part of a broader push to boost U.S. manufacturing and reduce reliance on foreign supply chains.

In March, Trump signed an executive order aimed at combating fraudulent “Made in America” labels by foreign manufacturers and sellers, Reuters reported.

BUILT ON GRIT: FOX BUSINESS CROWNS THREE ‘MADE IN AMERICA’ SMALL BUSINESS WINNERS

The order directs the Federal Trade Commission to prioritize enforcement against companies that falsely label products as U.S.-made or make misleading origin claims in violation of existing law.

It also calls on federal agencies responsible for country-of-origin labeling to work with the FTC to consider new regulations and ensure consistent guidance across the government.

JPMORGAN CHASE LAUNCHES AMERICAN DREAM INITIATIVE TO EXPAND SMALL BUSINESS SUPPORT ACROSS THE U.S.

As part of the administration’s broader focus on domestic manufacturing, the order requires agencies overseeing federal procurement contracts to periodically verify that products marketed as American-made meet those standards and directs suspected violations to be referred to the U.S. Department of Justice for potential enforcement action.

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Trump’s post emphasized closing those loopholes, particularly targeting what he described as overuse of waivers by federal agencies.

Reuters contributed to this report.