WTI crude oil futures jumped over 2% as optimism for a swift U.S.-Iran peace agreement faded, raising concerns about the continued closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. [1, 2, 4, 7, 12] Recent demands for compensation by the U.S. have complicated negotiations, increasing the risk of prolonged supply disruptions. [1, 4, 7] Adding to supply tightness, the restart of a major Saudi Arabian refinery has also been delayed following recent attacks. [1, 2, 12]