Oil prices have been on a tumultuous rise recently, with crude hitting as high as $112 per barrel due to increasing tensions over the Iran conflict. This spike comes after President Trump delayed military action, yet optimism for a ceasefire remains low. Analysts warn that if the conflict persists, oil could reach unprecedented levels, potentially hitting $200 per barrel. The stock markets have reacted negatively, with major indices like the Nasdaq experiencing significant declines. Meanwhile, uncertainties surrounding the Strait of Hormuz and the Iranian response to U.S. peace proposals continue to fuel volatility in the oil market.