Crude oil prices have soared by 8%, surpassing $100 per barrel, largely due to the U.S. Navy's blockade of the Strait of Hormuz, which could significantly impact Iranian oil exports. This escalation follows unsuccessful negotiations between the U.S. and Iran, putting a fragile ceasefire at risk. U.S. President Donald Trump indicated that elevated oil prices could persist through the upcoming November midterm elections. Analysts from Macquarie suggest that even if tensions ease, oil prices may stabilize between $85 and $90, with potential rises to $110 or even $150 per barrel if disruptions continue. Major Indian oil companies, including Hindustan Petroleum, Indian Oil Corporation, and Bharat Petroleum, have faced downgrades from UBS, reflecting the uncertainty in the market. The overall sentiment suggests that crude oil may enter a phase of structurally higher prices due to ongoing geopolitical tensions.