On May 12, oil prices continued to rise, with Brent crude futures climbing to $104.51 per barrel and U.S. West Texas Intermediate reaching $98.38. This increase is attributed to ongoing uncertainties regarding the U.S.-Iran conflict, as President Donald Trump indicated that the ceasefire is 'on life support.' The Trump administration announced plans to release 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve to mitigate market concerns. Analysts from Morgan Stanley noted that the global oil market is in 'a race against time,' as prolonged tensions could lead to significant supply disruptions, especially if the Strait of Hormuz remains closed. They warned that if negotiations between Washington and Tehran falter, prices could surge to between $110 and $150 per barrel, affecting nearly 20 million barrels per day of global crude flows. The market's current state reflects a delicate balance, with rising U.S. crude exports and softer Chinese imports helping to avoid a deeper supply shock for now.