Oil prices experienced a significant increase on Monday, with Brent crude futures rising by $3.18 (3.14%) to reach $104.47 per barrel. This surge follows the failure of the United States and Iran to agree on a peace proposal, which has left the Strait of Hormuz largely closed and continues to strain global energy supplies. US West Texas Intermediate also saw a rise of $3.09 (3.24%), settling at $98.51 per barrel. The ongoing US-Iran conflict has resulted in the loss of approximately 1 billion barrels of oil over the past two months, leading to heightened concerns about market stability. Analysts are now focusing on President Donald Trump's upcoming visit to Beijing, where he is expected to discuss the situation with Chinese President Xi Jinping, hoping to leverage China's influence over Iran to reach a ceasefire. The market remains on edge, as disruptions in the Strait of Hormuz could prolong the instability in oil supplies.