On May 7, oil prices rebounded after a two-day decline, with Brent crude futures rising 0.91% to $102.19 per barrel and West Texas Intermediate futures increasing 1.23% to $96.25. The fluctuations in oil prices are largely attributed to fresh developments in U.S.-Iran relations. President Donald Trump's recent comments suggest a precarious negotiation landscape, as he warned of increased military action against Iran if a peace deal is not accepted. Reports indicate that the U.S. and Iran are nearing a potential agreement, with a draft memorandum outlining terms for ending the conflict. However, uncertainties remain, as analysts express concerns that stalled negotiations could lead to renewed tensions, potentially disrupting oil flows through the Strait of Hormuz. If the strait were to remain closed, it could affect approximately 20 million barrels per day, driving oil prices significantly higher, possibly into the range of $110 to $150 per barrel.