WTI crude oil prices surged over 3% as renewed military exchanges between the United States and Iran heightened fears of a significant supply disruption in the Middle East. The conflict has escalated tensions around the critical Strait of Hormuz, a key channel for global oil shipments. This direct confrontation has led traders to price in a higher geopolitical risk premium, especially as U.S. strategic petroleum reserves are at their lowest levels since 1982, offering a smaller buffer against supply shocks.