Brent crude oil prices have surged 16% month-on-month, reaching $121 per barrel in April, driven by supply constraints primarily linked to ongoing restrictions around the Strait of Hormuz. According to Crisil, a ratings agency, these elevated prices are expected to persist due to prolonged supply disruptions and geopolitical uncertainties. Sehul Bhatt, director at Crisil Intelligence, noted that while stock releases and oil on water have somewhat mitigated the initial impact, their effectiveness in offsetting sustained supply losses is limited. The global crude oil market remains tight, despite weakened demand expectations. Crisil has revised its fiscal 2027 Brent crude price forecast upward to $90–$95 per barrel from a previous estimate of $82–$87, indicating that any easing in supply constraints may lead to a price correction, but risks are still tilted toward further increases.