On April 27, oil prices climbed nearly 2%, with Brent crude futures reaching $107.49 per barrel, the highest since early April. The rise is attributed to stalled peace talks between the U.S. and Iran and ongoing constraints in the Strait of Hormuz, a critical shipping route for oil. U.S. President Donald Trump's cancellation of a planned envoy visit to Pakistan has dampened hopes for diplomatic progress, leading to heightened concerns about global oil supply. Last week, Brent crude saw a nearly 17% increase, while West Texas Intermediate (WTI) rose close to 13%, marking significant weekly gains. Analysts from Goldman Sachs have raised their fourth-quarter forecasts, predicting Brent at $90 and WTI at $83 due to reduced output from the Middle East. Furthermore, Macquarie forecasts that crude prices could stabilize between $85 and $90 in the near term, with potential increases toward $110 if supply conditions improve. However, if tensions escalate, prices could reach as high as $150 per barrel, particularly if the Strait of Hormuz remains closed, which handles about 20 million barrels of oil per day.