New Delhi, April 19 -- Hostilities in West Asia may have eased, but oil prices remain well above pre-war levels. Though prices have stayed below $100 a barrel since the ceasefire announcement, conflicting signals from the US and Iran are keeping markets volatile.

Mint looks at the near-term outlook.

Yes. After surging to over $110 a barrel at the peak of the conflict, oil prices moderated following the ceasefire announcement. However, they remain above pre-war levels of around $65 a barrel.

For instance, benchmark Brent crude, which traded at about $74 a barrel before the US-Israeli strikes on Iran in late February, rose to a high of $107 when Iran effectively shut the Strait of Hormuz and key oil infrastructure in the region came unde...