Crude oil prices have retreated but are expected to stabilize between $88 and $95 per barrel for the next 4-6 weeks, following a two-week ceasefire involving the United States, Iran, and Israel. The recent conflict has significantly disrupted oil supply chains, leading to a nearly 60% surge in prices since hostilities began. Brent crude, which peaked at around $128 per barrel, has now settled in the $93-$95 range. The closure of the Strait of Hormuz has resulted in a historic contraction in oil production from Gulf Cooperation Council (GCC) countries, with OPEC+ planning a cautious increase in production to help stabilize the market. However, the path to normalization remains challenging due to operational difficulties in restoring output capacity. Analysts warn that elevated oil prices could add 70-90 basis points to global inflation in 2026, potentially impacting economic growth. As the situation evolves, the market will closely monitor geopolitical developments and their effects on oil supply and prices.