Oil and gas prices are currently experiencing significant fluctuations due to a combination of geopolitical tensions, particularly surrounding US-Iran negotiations, and supply disruptions in the Strait of Hormuz, a crucial shipping route for global oil and liquefied natural gas (LNG). Brent crude futures recently rose by 43 cents to $95.22 per barrel, while US WTI crude fell by 17 cents to $91.11. The ongoing conflict has severely limited traffic through the Strait of Hormuz, which previously saw over 130 ships daily, now reduced to a fraction of that. Sanctions on Iranian and Russian oil further complicate supply expectations, with the US not renewing waivers on Iranian oil shipments. European gas prices have also seen a decline, with the Dutch TTF front-month contract dropping to 42.37 euros per MWh and the British contract falling to 106.10 pence per therm, although they remain 30% higher than levels recorded in late February. Analysts suggest that the future of oil prices will hinge on diplomatic developments and inventory data, with rising US crude stockpiles possibly indicating weaker demand. Investors are advised to remain vigilant as market conditions may continue to shift rapidly based on new information.