Oil prices have recently hit their highest levels in weeks, with Brent crude surpassing $115 per barrel. The surge follows reports of an extended blockade in the Strait of Hormuz, exacerbated by stalled US-Iran peace talks and ongoing geopolitical tensions. Experts warn that the current impasse could lead to prolonged disruptions in oil supply, raising concerns about inflation and economic stability. As the situation evolves, markets remain cautious, with fluctuations influenced by the potential for new developments in diplomatic efforts.