Crude oil prices have shown minimal movement in early Asian trading on April 22, with Brent crude hovering around $98 per barrel and West Texas Intermediate near $90. This stability comes despite US President Donald Trump's extension of the ceasefire with Iran, which aims to facilitate discussions to resolve the ongoing conflict that has lasted nearly two months. In a post on Truth Social, Trump stated that the US would refrain from launching new attacks on Iran while continuing to block Iranian-linked ships, a move perceived by Iranian leaders as an act of war. Market reactions remain sensitive, particularly due to limited shipping activity through the Strait of Hormuz, a crucial route for global oil transport. Only three vessels crossed the strait in the last 24 hours, reflecting ongoing uncertainty. Analysts from Macquarie suggest that even with easing tensions, crude prices may stabilize in the $85 to $90 range, with potential upward movement towards $110 as oil flows normalize. However, if disruptions persist, prices could surge to $150 per barrel. The market appears to be entering a phase of structurally higher prices, with a return to pre-conflict levels of $70 to $75 likely taking considerable time.