Recent developments in US-Iran relations have caused significant fluctuations in oil prices, with tensions escalating following the suspension of peace talks by Iran. Oil prices have surged by nearly 8% as fears of a ceasefire collapse and threats to the Strait of Hormuz emerge. Conversely, prices dipped after conflicting statements from President Trump regarding ongoing negotiations. Amidst this uncertainty, oil prices have jumped as both nations continue to exchange strikes, leaving the market in a state of volatility. Analysts are cautioning that if tensions persist, oil could reach $180 per barrel by August, reflecting a precarious energy market landscape.