WS #7010

Oil prices surged in early Asian trade after President Trump rejected Iran's peace proposal as 'totally unacceptable,' with Brent crude rising 4.1% to $105.50 and WTI up 4.4% to $99.80. The Strait of Hormuz remains effectively shut, and the rejection signals continued supply disruption. ECB Vice President de Guindos urged rate 'prudence' as the Iran war's impact on growth is still unfolding, while a Bloomberg survey shows the ECB is expected to hike rates twice this year due to war-driven inflation. China's exports surged 14.1% to a record high in April, beating expectations and lifting the trade surplus to $84.82 billion, providing a positive demand signal for global markets. Seadrill beat estimates and raised its FY26 outlook, while XRP broke above $1.45 resistance on heavy volume. The US-Iran conflict remains the dominant macro theme, with no de-escalation signals in this window.