Oil Prices Jump Over 3% After Iran Supreme Leader Orders Uranium to Stay in Country

Market Reaction to Uranium Directive

Oil prices rose by more than 3% following a directive from Iran's Supreme Leader stating that the country's enriched uranium must remain within Iran. The order was reported by Iranian sources and detailed in an exclusive report by Reuters.

Market analysts and observers note that this position on enriched uranium is likely to complicate ongoing peace negotiations between Iran and the United States. The directive introduced fresh geopolitical uncertainty into crude oil futures markets.

Context of U.S.-Iran Tensions

The current price surge follows a period of significant instability in the region. On May 11, 2026, Brent oil prices surpassed $104 per barrel after President Trump stated that the ceasefire with Iran was on "life support". This followed warnings from Israel that the conflict with Iran remained ongoing.

Diplomatic efforts have faced repeated setbacks. A senior U.S. official recently informed Axios that Iran's latest proposal lacked meaningful improvement and was insufficient to reach a deal. Despite these tensions, oil prices remained in the green even after President Trump called off a planned attack on Iran scheduled for a Tuesday.

Maritime Security and the Strait of Hormuz

The volatility in oil prices is closely tied to security concerns in the Strait of Hormuz. On April 26, 2026, prices rose after Iran indicated the strait would not return to its previous state. The region has seen a series of attacks on commercial shipping, including a tanker hit by projectiles north of Fujairah in the UAE and a bulk carrier attacked by small craft off the coast of Iran.

In response to these incidents, the United States has attempted to open the Strait of Hormuz. These maritime operations occurred amidst a broader pattern of escalation, including attacks on commercial vessels in the region.