Oil prices saw a significant increase, with West Texas Intermediate futures settling above $96 a barrel and Brent near $108, as peace talks between the US and Iran stalled, leaving the Strait of Hormuz largely impassable and prolonging supply disruptions. The conflict, now in its ninth week, has led to shipping blockades by both nations, drastically reducing transits through the vital waterway to near zero. This has triggered a major supply shock, impacting crude, fuel, natural gas, and fertilizers, and raising inflation concerns. Goldman Sachs analysts have revised their Q4 Brent crude price outlook upward to $90 a barrel, citing reduced Middle East production and anticipating a slower recovery of exports through Hormuz until the end of June.