Crude oil prices experienced a decline on May 13, 2023, after surging 8% over the previous three days. Brent crude futures fell by 0.76% to $106.95 per barrel, while US West Texas Intermediate crude dropped 0.65% to $101.52. This decrease comes as investors closely monitor the ongoing Iran conflict and await a crucial meeting between US President Donald Trump and Chinese President Xi Jinping. Reports indicate that the conflict is intensifying, with Tehran tightening control over the strategic Strait of Hormuz, which is crucial for global oil supply. Analysts suggest that the WTI price could fluctuate between $80 and $115 depending on diplomatic developments. Meanwhile, the Multi Commodity Exchange (MCX) crude oil prices also fell 0.77% to ₹9,655 per barrel, with immediate resistance noted at ₹9,600-₹9,800. The ongoing geopolitical tensions and their impact on supply could lead to significant price movements in the near future.