On May 11, 2023, crude oil prices surged after the United States and Iran failed to reach a peace agreement, exacerbating concerns over global energy supplies. Brent crude futures climbed by $3.18, or 3.14%, to $104.47 per barrel, while US West Texas Intermediate crude rose by $3.92, or 4.11%, to $99.34 per barrel. The ongoing conflict has severely disrupted supplies through the Strait of Hormuz, which has been largely shut since late February. This disruption has led to inflation concerns and is reported to have caused the largest supply shock on record, according to the International Energy Agency. In related developments, US officials indicated that President Trump is expected to address China's involvement with Iran in upcoming talks with Chinese President Xi Jinping. Saudi Aramco's CEO, Amin Nasser, warned that market stability may not return until 2027 if shipping disruptions continue, prompting the company to reroute some oil shipments through its Yanbu port on Saudi Arabia's west coast.