Oil prices have continued to rise, with Brent crude reaching over $111 per barrel on April 7, 2023, following US President Donald Trump's threats against Iran. This marks the third consecutive session of price increases, driven by concerns over supply disruptions in the Strait of Hormuz, which has been effectively closed since February 28 due to ongoing conflict. West Texas Intermediate (WTI) crude also saw significant gains, trading near $115 per barrel, its highest since June 2022. The conflict has caused a ripple effect in global crude markets, with refiners in Asia and Europe scrambling for alternative supplies. Additionally, a recent attack on the Caspian Pipeline Consortium terminal in Russia has further tightened supply. Analysts, including Anindya Banerjee from Kotak Securities, suggest that if prices continue to rise, the impact could extend to adjacent energy markets, increasing costs and inflation. Brokerage firm Choice Broking anticipates that oil prices will remain bullish or volatile in the near term, contingent on the situation in the Strait of Hormuz.