As of May 1, oil prices have cooled slightly but remain above $110 per barrel, with Brent crude futures around $111 and WTI crude at approximately $105. The ongoing conflict in the Middle East, particularly the war involving Iran and US-Israel, has contributed to these elevated prices. The Strait of Hormuz, a crucial waterway for oil shipments, remains blocked due to a US military blockade, raising concerns about potential supply disruptions. In March, Brent crude saw a 50% increase, and recent attacks near the Strait have pushed prices back above the $100 mark. Analysts from Nuvama Institutional Equities warn that continued closure of the Strait could push prices to between $110 and $150 per barrel. With peace negotiations stalled, US President Donald Trump has suggested that military actions may be necessary to compel Iran to negotiate, while Iranian officials have threatened significant retaliation against US positions if strikes continue.