Oil prices experienced a notable decline on Tuesday, with Brent crude futures settling at $94.79 per barrel, down $4.57 or 4.6%, while US West Texas Intermediate crude finished at $91.20, down $7.80 or 7.87%. This drop comes amid hopes that Iran will resume negotiations with the US and Israel to address the ongoing conflict affecting the Strait of Hormuz, a crucial passage for global oil transport. Market analysts, such as John Kilduff of Again Capital, suggest that the market had previously priced in significant disruptions. The International Energy Agency (IEA) noted that attacks on energy infrastructure and Iran's blockade of the strait have led to the largest oil supply disruption in history, with 10.1 million barrels per day lost in March. While the prospect of renewed talks has led to a decrease in prices, analysts warn that if these discussions do not yield results, prices could rise again. The IEA has also revised its forecasts for global oil supply and demand growth, projecting a decline in supply by 1.5 million barrels per day.