Ray Sharma-Ong, Global Deputy Head of Asset Management at Ambon Investments, expects that oil prices will fall from their current levels as long as the ceasefire agreement remains in place and oil transportation through the Strait of Hormuz remains unobstructed. However, the bank also stated that oil prices are unlikely to fall back to pre-conflict levels. Ambon pointed out that the actual logistics and transportation disruptions will not disappear overnight, and factors such as higher transportation costs, war risk insurance, delays, congestion, inefficient detours, precautionary inventory, and geopolitical risk premiums will keep oil prices above previous levels for some time. He also noted that markets most severely affected by oil price shocks and rising risk aversion are expected to experience the strongest rebound. Stock markets in Asia with large oil import volumes, especially in South Korea, Taiwan Province of China, and Japan, may bounce back the quickest. These markets are more susceptible to energy price fluctuations and global risk sentiment.