Oil prices continued their upward trend, with Brent crude futures rising $3.56 to settle at $107.77 per barrel, and U.S. West Texas Intermediate futures increasing $4.11 to $102.18. The rise comes amid stalled ceasefire negotiations between the U.S. and Iran, with President Donald Trump stating that talks are on 'life support'. The U.S. Energy Information Administration (EIA) has revised its forecast, now expecting the Strait of Hormuz to remain effectively closed through late May, which could lead to significant losses in Middle Eastern oil supply. The EIA estimates that 10.5 million barrels per day of output were lost in April, while other analysts suggest the supply gap could reach 14 million barrels per day. This disruption has forced countries to deplete their oil stockpiles, with global inventories projected to drop by 2.6 million barrels per day this year, significantly higher than previous estimates. Market analysts remain bullish, suggesting that prices could rise further as the supply-demand imbalance persists.