WTI crude oil prices surged in the pre-market session due to a significant escalation in geopolitical tensions between the United States and Iran. [1, 4, 5] Renewed military exchanges, including US strikes on an Iranian island and Iranian attacks on US bases, have heightened fears of a wider conflict that could disrupt global oil supplies. [3, 4] This raises the immediate risk of shipping disruptions through the critical Strait of Hormuz, a key chokepoint for global oil transit, putting a significant supply-risk premium back into the market. [1, 6, 14]