On April 16, oil prices experienced a slight decline, with Brent crude futures dropping 44 cents to $94.49 per barrel and U.S. West Texas Intermediate (WTI) falling 70 cents to $90.59 per barrel. This dip comes amid growing optimism regarding a potential extension of the ceasefire between the U.S. and Iran, which could ease supply concerns in the region. Reports indicate that Iran may allow ships to transit through the Strait of Hormuz, a critical route for global oil and liquefied natural gas (LNG) supplies. Experts from brokerage firms like Macquarie and Kotak Securities predict that if the conflict continues, oil prices could rise significantly, potentially reaching $120 to $150 per barrel. The ongoing situation suggests that crude prices may remain volatile, with analysts expecting a range of $80 to $100 per barrel until a formal agreement is reached.