On May 13, oil prices experienced a decline after a three-day rally, with Brent crude futures falling by 86 cents to $106.91 per barrel and US West Texas Intermediate futures decreasing by $1.04 to $101.14 per barrel. The market is currently sensitive to geopolitical developments, particularly the ongoing Iran ceasefire negotiations and the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing. The Strait of Hormuz, a crucial shipping route for global oil and liquefied natural gas (LNG), remains a focal point due to supply risks. Meanwhile, European gas prices have remained steady, with the Dutch front-month TTF contract slightly increasing to 46.75 euros per megawatt hour and the British June contract dipping to 114.70 pence per therm. However, European gas storage levels are concerning, currently at 35.6% full, compared to 42.8% last year, raising worries about winter supply. Analysts suggest that oil prices could stay above $80 per barrel for the remainder of the year, driven by supply losses from ongoing conflicts, while demand concerns may lead to volatility in the market.