Daily News
Trump Says Iran Ceasefire Is on 'Massive Life Support' as Oil Climbs Toward $99
12 May 2026
Today in Brief
President Trump declared the U.S.-Iran ceasefire effectively on "massive life support" after rejecting Tehran's latest counterproposal, sending oil futures climbing toward $99 a barrel and rattling Asia-Pacific markets. The S&P 500 managed a slim gain to close above 7,400 for the first time, supported by key tech stocks.
In corporate news, Netflix faces a Texas lawsuit over alleged data spying and addictive design, Micron surged on Samsung strike fears, and Toyota announced plans for a new India plant targeting production by 2029.
Asia markets trade mixed as investors weigh Trump's ceasefire warning
Asia-Pacific markets traded mixed Tuesday as investors shrugged off fresh doubts over the fragile U.S.-Iran ceasefire after President Donald Trump warned the truce was on "massive life support." Trump on Monday cast doubt on the survival of the U.S.-Iran ceasefire, saying the fragile truce was effectively "on life support" after Tehran delivered what he described as an unacceptable response to Washington's proposal for ending the conflict. "I would say the ceasefire is on massive life support, where the doctor walks in and says, 'Sir, your loved one has approximately a 1% chance of living,'" he said. Japan's Nikkei 225 added 0.52%, while the Topix rose 0.89%. South Korea's Kospi pared early losses and fell 1.95% after notching a fresh record high on Monday. The small-cap Kosdaq fell over 1.99%. In Australia, the S&P/ASX 200 lost 0.24%.
S&P 500 ekes out a gain for first close above 7,400 despite another Iran setback
The S&P 500 rose on Monday, bolstered by key tech stocks, even as oil prices rose after President Donald Trump rejected Iran's latest proposal to end the war. The broad market index gained 0.19% and closed at 7,412.84, while the Nasdaq Composite inched up 0.1% to end at 26,274.13. Both indexes had scored fresh all-time intraday highs during the session, and they closed at records. The Dow Jones Industrial Average advanced 95.31 points, or 0.19%, to 49,704.47. Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran's semi-official Tasnim news agency said, citing an informed source.
Gold fell toward $4,700 an ounce on Tuesday, reversing gains from earlier in the session
Gold fell toward $4,700 an ounce on Tuesday, reversing gains from earlier in the session as heightened uncertainty in the Middle East and the prolonged shutdown of the Strait of Hormuz pushed oil prices higher and kept inflationary risk in focus. Bullion also came under pressure from a rebounding dollar. President Donald Trump said the US-Iran ceasefire was on "massive life support" after rejecting Tehran's latest peace proposal, intensifying fears that the critical shipping route could remain effectively blocked for a prolonged period.
WTI crude futures climbed toward $99 per barrel on Tuesday, extending gains from the previous session
WTI crude futures climbed toward $99 per barrel on Tuesday, extending gains from the previous session, as President Donald Trump said the US-Iran ceasefire was on "massive life support" after dismissing Tehran's latest peace proposal, fuelling concerns that the Strait of Hormuz may stay effectively closed for an extended period. Iran reportedly called for the US to end its naval blockade and ease sanctions while seeking to retain some authority over traffic through the key shipping route. Meanwhile, reports suggested President Trump is set to meet with his national security team to weigh a potential return to military operations, alongside renewed discussions about escorting commercial vessels through Hormuz. Saudi Aramco CEO Amin Nasser warned that the market is losing roughly 100 million barrels of supply each week, adding that prolonged disruptions could push any market normalization into next year.
UK should commit to rejoin the EU, London mayor says
The U.K.'s ruling Labour Party should commit to rejoining the EU at the next general election, London mayor Sadiq Khan has told CNBC. In an interview on Monday, Khan acknowledged his party's disastrous showing in local elections last week. He urged the government to be "bolder and braver," and deliver on its promises, as party lawmakers openly discuss replacing Prime Minister Keir Starmer. "People are frustrated with the lack of pace of delivery," Khan told CNBC's Ritika Gupta. "We have not been bold enough, we've not been brave enough. We are in danger of losing the next general election pretty badly."
Trump says Iran ceasefire is 'on life support' after rejecting Tehran's counterproposal
President Donald Trump on Monday said that what remains of the U.S. ceasefire with Iran is "on life support" after Tehran sent an "unacceptable" counter to Washington's proposal to end the war. The state of the month-old truce is "unbelievably weak," Trump told reporters in the Oval Office. "I would call it the weakest, right now, after reading that piece of garbage they sent us — I didn't even finish reading it," Trump said. "I would say the ceasefire is on massive life support, where the doctor walks in and says, 'Sir, your loved one has approximately a 1% chance of living,'" he said. The testy ceasefire began on April 8, on the heels of Trump threatening to destroy Iran's "whole civilization" if no deal was struck. It was originally slated to last just two weeks, but Trump unilaterally extended it on April 21.
Trump puts Taiwan arms sales, Hong Kong jailed activist Lai on agenda ahead of meeting with Xi
President Donald Trump said Monday that U.S. arms sales to Taiwan and the imprisonment of Hong Kong media tycoon Jimmy Lai would be on his agenda for the Beijing summit later this week. Washington's arms sales to Taiwan have been a flashpoint between the two countries, drawing a sharp response from Beijing that has accused the U.S. of violating the "one-China principle," and warned that attempts to "contain China" via Taipei were set to fail. When asked about Washington's longstanding support for Taiwan's defense, Trump said Monday that, "I'm going to have that discussion with President Xi." "President Xi would like us not to, and I'll have that discussion. That's one of the many things I'll be talking about." That comes after Beijing reportedly pressed the Trump administration to scale back its security commitments for the island.
Modi says Iran war poses severe risks to India, urges cuts in fuel use and gold purchases
Indian Prime Minister Narendra Modi on Sunday urged citizens to curb fuel use, reduce overseas travel, and pause gold purchases, underscoring the severe impact of the Iran war on the economy. Global fuel costs have surged, Modi said in a public address in the southern city of Hyderabad, appealing to Indians to use public transport, work from home, and carpool to conserve fuel. India is the latest among the growing number of Asian countries encouraging lower fuel consumption as energy costs climb amid tensions in the Middle East. On Sunday, President Donald Trump said Iran's counterproposal to end the war with the U.S. and Israel was "TOTALLY UNACCEPTABLE!", dashing hopes of peace and pushing global oil prices higher. India imports nearly 85% of its fuel needs and relies on the Strait of Hormuz for about 50% of its crude imports, 60% of its liquefied natural gas, and almost all of its liquefied petroleum gas (LPG) supplies.
Netflix sued by Texas for allegedly spying on children, addicting users
Netflix was sued on Monday by Texas Attorney General Ken Paxton, who accused the streaming company of spying on children and other consumers by collecting their data without consent, and designing its platform to be addictive. Texas said that for years, Netflix has falsely represented to consumers that it did not collect or share user data, when it actually tracked and sold viewers' habits and preferences to commercial data brokers and advertising technology companies, making billions of dollars a year. The Los Gatos, California-based company was also accused of quietly using "dark patterns" to keep users watching, including an autoplay feature that starts a new show when a different show ends. A Netflix spokesperson said the company plans to address the allegations in court.
Victoria's Secret says why Blundy was denied seat, director leaving board
Victoria's Secret said on Monday why it blocked Australian billionaire Brett Blundy from becoming a director and that one board member will not stand for re-election because of Blundy's pressure campaign, according to a new regulatory filing. The lingerie retailer wrote to Blundy in November that it evaluated his desire to join the board but concluded that "potential for significant reputational and legal risk" coupled with "conflict of interest and competition concerns" weighed against him. Blundy and his investment firm, BBRC International, are urging Victoria's Secret investors to shake up the board by withholding votes from two directors, Donna James and Mariam Naficy, at next month's annual meeting. Naficy will not stand for re-election in June because of her professional commitments and the time and attention required to engage with BBRC's proxy contest, the filing said.
Toyota plans India plant to start production in 2029
Toyota Motor Corporation announced plans to build a new manufacturing facility in the Bidkin Industrial Area, Maharashtra, India. The plant is scheduled to begin production in the first half of 2029. The facility will be operated by Toyota Kirloskar Motor and is designed to strengthen the automaker's business foundation in the Indian market. Toyota said the plant will supply vehicles to customers in India and surrounding regions. The company stated it will continue to strengthen its production structure to respond to future demand growth and market changes in India and neighbouring areas. Toyota added that the new facility aims to enable timely product delivery to customers.
Micron stock surges 6% on Samsung strike concerns
Micron Technology shares rose 5.75% Monday as labour unrest at Samsung Electronics and supply constraints drove optimism. The stock closed Friday at $746.79, and the price target suggests upside of 34%. Micron could benefit from potential disruption at its South Korean rival if talks to avoid a strike fail. Samsung's unions are demanding the company allocate 15% of its operating profits for bonuses and are threatening a general walkout on May 21 unless a deal with management is reached. Samsung and its labour union are holding post-mediation talks this week in a final effort to reach a settlement. A walkout would further strain a market already grappling with significant supply constraints.
