On May 14, 2023, crude oil prices edged higher as Brent crude futures rose 26 cents to $105.89 per barrel, while US West Texas Intermediate (WTI) crude futures increased 32 cents to $101.34. This uptick comes as investors await the crucial meeting between US President Donald Trump and Chinese President Xi Jinping, which is expected to address the ongoing conflict in Iran that has severely impacted global oil supplies. The International Energy Agency has indicated that global oil supply is likely to lag behind demand this year due to disruptions in Middle Eastern oil production. Analysts suggest that if the Strait of Hormuz does not reopen by the end of May, current prices may represent a floor rather than a ceiling. Technical indicators show that MCX crude oil is attempting to stabilize around ₹9,700 per barrel, with immediate resistance at ₹9,800–₹9,900. A sustained move above this range could push prices toward ₹10,000–₹10,200.