Crude Oil is trading 3% up at $72.57 after renewed geopolitical tensions around Iran and the Strait of Hormuz drove supply concerns and fresh US military action.
- Prices surged above $72 per barrel this week as the US revoked a waiver allowing Iranian crude exports and carried out new air strikes.
- The escalation has reinforced fears of disruptions to Middle Eastern oil flows, significantly tightening global supply conditions.