On May 12, oil prices rose during early Asian trading as negotiations between the United States and Iran remained tenuous. Brent crude futures increased by 30 cents to reach $104.51 per barrel, while U.S. West Texas Intermediate rose by 31 cents to $98.38. The rise in prices follows U.S. President Donald Trump's remarks that the ceasefire with Iran is precarious, citing significant disagreements over key issues such as the cessation of hostilities and the resumption of Iranian oil sales. The Strait of Hormuz, a vital passage for global oil and liquefied natural gas, remains a focal point of tension, with Tehran asserting its sovereignty over the route. Analysts predict that as long as negotiations remain unresolved and supply through the strait is limited, oil prices are likely to stay above $100. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) reported a decline in oil output to its lowest level in over twenty years. In response to market pressures, the Trump administration announced plans to loan 53.3 million barrels from the U.S. Strategic Petroleum Reserve, with shipments already en route to Turkey. The geopolitical landscape continues to evolve, with the UAE reportedly conducting military strikes against Iran, further complicating the situation.