Crude Oil is trading at $88.35 (+3.02%) as renewed U.S.-Iran military exchanges increase fears of disruptions to Middle East oil shipments through the Strait of Hormuz.
- U.S. strikes on Iranian rocket launchers near Larak Island and Iran’s retaliatory attacks have lifted the geopolitical risk premium.
- With strategic petroleum reserves at their lowest levels since 1982, traders see less protection against a supply shock.