On May 5, oil prices experienced a slight decline following a significant surge the previous day. Brent crude for July delivery fell 68 cents to $113.76 per barrel, while U.S. West Texas Intermediate (WTI) crude decreased by $1.59 to $104.83. The decline comes as the U.S. Navy initiates operations to ease Iran's blockade of the Strait of Hormuz, a vital route for global oil transportation. This development has alleviated immediate concerns regarding supply disruptions, as confirmed by the successful exit of a U.S.-flagged vessel under military escort. However, tensions remain high, with Iran launching attacks in the Gulf, indicating that the situation could escalate further. Experts from Haitong Futures and Macquarie warn that if the ceasefire proves temporary, oil prices could surge to between $110 and $150 per barrel, especially if the blockade continues. The Strait of Hormuz is crucial, carrying around 20% of the world's oil supply daily.