On June 9, oil prices experienced a slight decline as Iran and Israel paused their military actions, following an appeal from U.S. President Donald Trump. Brent crude futures fell by 0.60% to $93.72 per barrel, while U.S. West Texas Intermediate crude dropped by 0.50% to $90.83. Earlier, prices surged by up to 5% due to escalating tensions, but the announcement of a temporary ceasefire has brought some relief to the markets. Despite this, both nations have left the door open for renewed attacks, particularly if Israel continues to target Hezbollah in Lebanon. Analysts from Haitong Futures suggest that crude prices may rise towards the upper end of their trading range due to tightening supply-demand dynamics. However, they caution that any damage to energy infrastructure in the Strait of Hormuz could significantly delay the return to normal shipping activities. Saudi Aramco's CEO has warned that disruptions could affect nearly 100 million barrels of oil supply weekly and delay market stability until 2027. Morgan Stanley noted that while U.S. crude exports and weaker Chinese demand have mitigated some supply shocks, prolonged closures of the Strait of Hormuz could lead to tighter global supplies.