WTI crude oil prices rose sharply as a ceasefire between the U.S. and Iran is set to expire, increasing fears of a broader conflict that could disrupt global oil supplies. Recent attacks on oil tankers and a significant reduction in shipping traffic through the critical Strait of Hormuz have further amplified market concerns. A continued drawdown of the U.S. Strategic Petroleum Reserve to its lowest level since 1982 is also contributing to supply tightness.