Oil slips as markets wait for signals from the US-Iran ceasefire and the Trump-Xi meeting in Beijing

🛢️ Oil prices eased after three straight sessions of gains, with Brent down 0.76% to $106.95 per barrel and WTI down 0.65% to $101.52 per barrel. The move suggests some short-term profit-taking after prices stayed elevated.
📌 The key focus now is not demand, but geopolitical risk around the US-Iran ceasefire. The truce remains fragile, while the Strait of Hormuz has not fully reopened, keeping the supply-risk premium firmly attached to oil prices.
🌏 President Trump’s trip to Beijing for talks with President Xi on May 14–15 has become an important variable. If the meeting delivers more positive diplomatic signals, oil may face further correction pressure; if the ceasefire shows signs of cracking, defensive buying could quickly return.
📉 In the near term, the current pullback is not enough to confirm a sustainable cooling trend. WTI should still be watched around the $98–100 support area, while Brent has near support around $104. On the upside, $105–107 for WTI and $110 for Brent remain important resistance zones.
⚠️ Over the next 24–72 hours, oil may continue to see sharp swings around comments from Beijing and real developments near Hormuz. The market is taking a pause after the rally, but the supply risk has not disappeared.
#OilMarket