Crude Oil is trading at $84.37 (3.2% up) after renewed U.S.-Iran tensions and reported tanker explosions in the Strait of Hormuz sharply boosted supply-risk premiums.
- Hostilities have re-escalated over the past week as sanctions on Iranian crude were tightened.
- Tanker traffic through the key waterway has slowed significantly, driving one of the strongest short-term rallies of 2026.