On May 11, oil prices surged as Brent crude futures climbed $3.18 to $104.47 per barrel, while U.S. West Texas Intermediate crude increased $3.09 to $98.51. The rise follows the breakdown of peace talks between the United States and Iran, with President Donald Trump rejecting Iran's response to a U.S. peace proposal. The ongoing conflict has severely impacted oil supplies, particularly through the Strait of Hormuz, which remains largely shut. Saudi Aramco's CEO stated that the world has lost about 1 billion barrels of oil supply over the past two months, contributing to rising energy prices. Analysts express concerns that stalled negotiations could lead to renewed escalations, potentially driving prices even higher. With the Strait of Hormuz's closure, nearly 20 million barrels per day of crude flows could be disrupted, prompting predictions that oil prices may reach between $110 and $150 per barrel if the situation does not improve.