Oil Price Today (May 12): Crude oil at $105 as Donald Trump says peace talks on ‘life support’. What are experts saying?

May 12, 2026

Oil prices rose for a second day as uncertainty surrounding U.S.-Iran conflict resolution kept global crude supply concerns high. President Trump indicated ceasefire talks are struggling, while the U.S. plans to release oil from its reserves. Market attention now shifts to Trump’s China visit, with hopes of leveraging influence for a resolution.

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