Concerns arise over fragile ceasefire between the US and Iran, causing oil prices to rise by 2%

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Golden Finance reports that on May 12th, due to the deadlock in US-Iran negotiations causing market concerns, oil prices rose by more than 2%. U.S. President Donald Trump stated that the current ceasefire agreement is in a “life-threatening” state. In European morning trading, Brent crude futures rose by 2.1%, to $106.36 per barrel; WTI crude futures increased by 2.5%, to $100.51 per barrel. Saxo Bank analysts pointed out, “Oil prices have increased for the second consecutive trading day, due to the ongoing uncertainty over the reopening of the Strait of Hormuz, and the global crude oil market continues to show signs of tightening supply.” Meanwhile, market attention is shifting to a series of upcoming monthly outlook reports. The U.S. Energy Information Administration (EIA) will release its report later on Tuesday, while the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to publish their reports on Wednesday. Investors are looking for more guidance on supply and demand prospects from these reports. (Jin10)

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