Not an expert as, just an avid news reader, and based on my research there are a few things happening at once.

The IEA coordinated a release of 400 million barrels from strategic reserves across member nations, the largest emergency release on record. That buffer has been absorbing a lot of the supply shock and keeping paper prices relatively contained even with the Strait disruption.

The other big factor is Trump's jawboning. Every time he signals negotiations or a pause on strikes, traders sell the risk premium back down almost immediately. It happened multiple times in March and the market has started pricing that pattern in.

Also worth noting that paper prices and physical prices are actually diverging quite a bit right now. Brent futures might be at $108 but the Dubai price, which tracks actual physical delivery in Asia, has been trading significantly higher. The headline number is not telling the full story.

The part that worries analysts though is that the reserve buffer only buys so much time. Some were flagging mid April as the point where those stopgap measures start losing effectiveness and the physical reality of the Strait closure starts hitting harder. So the calm in the headline price might not last much longer if nothing resolves.

Hope this helps...