The fragile geopolitical climate in West Asia and mounting uncertainty over the Strait of Hormuz have once again sent ripples through the international oil market. Crude oil prices surged on Friday, raising fears of a significant impact on the global economy and household budgets. Despite the strategic shipping lane remaining open, the dubious longevity of the temporary US-Iran ceasefire is fueling market volatility.

In the latest trade, Brent Crude futures climbed 0.87% to reach $96.75 per barrel, while West Texas Intermediate (WTI) rose by 1.06% to $98.91. With both benchmarks hovering near the $100 mark, investors are bracing for further fluctuations.

Energy experts warn that any disruption in the Strait of Hormuz—the world’s most vital oil artery—could be catastrophic. While brokerage firm Macquarie suggests a temporary stabilization between $85 and $90, they have not ruled out a dramatic spike to $150 per barrel if regional tensions escalate in April. Governments worldwide are now closely monitoring the situation, weighing strategic alternatives to mitigate the impact of rising energy costs.