Brent crude futures, the international bench- mark, yesterday rose by $2.85, or 2.64%, to trade at $110.86 a barrel while West Texas Intermediate futures, the United States benchmark increased by $2.53, or 2.68%, to trade at $97.01.

Though the oil prices rose, Reuters reported that they were set for their first weekly decline since February 9 as U.S. President Donald Trump extended a pause in attacks on Iran’s energy plants, though investors remain cagey about prospects for ceasefire in the month-old war.

It noted that the Brent benchmark has jumped 53% since February 27, the day before the U.S. and Israel launched strikes against Iran, but was down 1.2% this week and that WTI, up 45% since the war began, but was down 1.3% over the week.

According to Reuters, analysts at Macquarie Group said that oil prices will fall quickly if the war begins to wind down soon but still remain above pre-conflict levels.

They, however, added that prices could rise to $200 if the war drags on until the end of June. UBS analyst, Giovanni Staunovo said that “every day flows through the Strait remain restricted, more than 10 million barrels of oil are missing … tightening the oil market further.”