Oil prices experienced a slight rebound on May 13 after a three-day decline, with Brent crude futures falling by 82 cents to $106.95 per barrel and U.S. West Texas Intermediate crude dropping 66 cents to $101.52 per barrel. This fluctuation comes as investors monitor the ongoing conflict in Iran and prepare for a critical summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. The situation in Iran has led to concerns about the stability of oil supplies, particularly with the Strait of Hormuz effectively closed, impacting nearly 1 billion barrels of oil supply. Analysts from Morgan Stanley have indicated that the global oil market is facing a precarious situation, warning that if the strait remains closed, oil prices could surge to between $110 and $150 per barrel. The U.S. economy is already feeling the strain from rising fuel costs, with economists predicting broader inflationary effects in the coming months. The ceasefire in the Iran conflict is described as being 'on life support,' with unresolved issues potentially leading to further escalations.