Trump rejects Iranian peace proposal
May 11, 2026
The Baker Hughes Rig Count had oil rigs up 2 to a total of 410 and last year at this time oil rigs were at 408.
The energy markets are trading higher after President Trump rejected Iran’s counterproposal over the weekend. President Trump called the proposal “totally unacceptable”.
The US continues to export energy products, making up for some of the loss supply elsewhere, but it comes with a cost as some areas here in the US are tight on supplies. Places like Chicago where ULSD and CBOB are at some of the most historically elevated differentials in NYH history. I also think there may be some refinery issues in that area as well, adding to the large spreads. ‘