On April 21, 2023, crude oil prices rebounded as Brent crude rose 5.35% to $98.89 per barrel and US benchmark crude climbed 5.56% to $90.68 per barrel. The increase follows rising tensions between the US and Iran, particularly after the US Navy's seizure of an Iranian vessel in the vital Strait of Hormuz, which handles around 20% of global oil and liquefied natural gas supplies. The impending expiration of a two-week ceasefire on April 22 has heightened concerns about the resumption of hostilities in the region. US President Donald Trump indicated that Iran must send a delegation to Pakistan for peace talks, emphasizing that military action could resume if no agreement is reached. However, Iranian officials have expressed skepticism about the negotiations, with Iran's Foreign Ministry condemning the US's actions and stating there are no current plans for further talks. The ongoing standoff threatens to exacerbate the energy crisis, particularly with key issues like Iran's nuclear program and regional military operations remaining unresolved.