On May 4, oil prices experienced a decline for the second consecutive session, with Brent crude slipping 0.35% to $107.77 per barrel and U.S. West Texas Intermediate falling 0.57% to $101.31 per barrel. This decrease follows U.S. President Donald Trump's announcement of 'Project Freedom,' aimed at assisting vessels stranded in the Strait of Hormuz due to ongoing tensions between the U.S. and Iran. The Strait, a crucial route for global oil transport, remains largely blocked, significantly impacting shipping activities. Despite the current dip, analysts from Haitong Futures and Nuvama Institutional Equities suggest that prolonged disruptions could push prices higher, potentially reaching between $110 to $150 per barrel if the situation escalates. Meanwhile, OPEC+ has agreed to increase output by 188,000 barrels per day, which may help stabilize prices in the near term.