Crude oil prices have climbed to approximately $115 per barrel, marking the highest level since June 2022. This surge follows stalled negotiations regarding the ongoing conflict between the United States and Iran, alongside the unexpected departure of the United Arab Emirates from the Organization of the Petroleum Exporting Countries (OPEC). The international benchmark Brent crude for June delivery rose by 3% to $114.64, while U.S. West Texas Intermediate (WTI) increased by 3.6% to $103.54. Since the onset of the U.S.-Israeli conflict with Iran in February, WTI has gained over 49%. Reports indicate that U.S. officials are preparing for a prolonged blockade of Iran, further complicating the situation. Analysts suggest that if negotiations do not progress by the end of April, oil prices could potentially reach $150 per barrel due to increased tensions and supply disruptions, particularly through the Strait of Hormuz, which is crucial for global oil transport.