Oil Eases Below a 3-Day Rally as Brent Holds Above $107 Before Trump-Xi Summit
Updated
Updated · Reuters · May 13
Oil Eases Below a 3-Day Rally as Brent Holds Above $107 Before Trump-Xi Summit
7 articles · Updated · Reuters · May 13
Brent fell 19 cents to $107.58 a barrel and WTI lost 39 cents to $101.79, snapping a three-day rally as traders weighed a fragile Iran ceasefire and this week's Trump-Xi meeting in Beijing.
Prices stayed above $100 because the market still sees supply at risk after Iran's shutdown of the Strait of Hormuz, a route that normally carries about one-fifth of global oil and LNG flows.
The IEA helped limit the pullback, saying 2026 global supply will not meet demand as the war disrupts Middle East production and inventories have dropped sharply; it also said Russia's April crude output fell 460,000 bpd year on year.
Higher energy costs are already feeding into the U.S. economy: April consumer prices posted their biggest annual increase in nearly three years, reinforcing expectations the Federal Reserve will keep rates steady and potentially restrain oil demand.
The largest oil shock in history is here. What permanent changes to our energy security will this crisis force upon us?
Can the upcoming Trump-Xi summit break the Hormuz stalemate, or is a wider global energy crisis now inevitable?
With Iran charging oil tolls in yuan, how will China's influence reshape global energy trade after this war ends?
2026 Oil Market Turmoil: Strait of Hormuz Disruption, U.S.-Iran Conflict, and the Global Inflation Shock
Overview
As of May 13, 2026, crude oil futures showed gains, with West Texas Intermediate and Brent crude both trading higher, reflecting increased spot demand and active futures trading. Despite these gains, prices remained volatile, with both Brent and WTI experiencing brief declines earlier in the day. This constant price movement highlights how oil markets quickly react to real-time changes in supply, demand, and market sentiment. The report connects these immediate market shifts to broader geopolitical tensions and economic pressures, emphasizing how global events and trading activity directly influence oil prices and market stability.