Oil Climbs as US, Iran Remain At Impasse; Bessent in Asia | Bloomberg Brief 5/11/2026

Oil rises and equities waver as the US and Iran reject each other’s latest peace proposals. US Treasury Secretary Scott Bessent heads to Japan ahead of the Trump-Xi summit later this week. UK Prime Minister Keir Starmer says he won’t abandon the responsibility of leading the country after a sweeping defeat of his party in the local elections. Jane Foley of Rabobank dissects the market reaction to Starmer's speech. Matt McLennan of First Eagle Investments discusses the AI boom. (Source: Bloomberg)