Crude Oil is trading 3.6% up at $74.00 as markets react to renewed Middle East conflict and escalating risks to global shipping lanes.
- Prices are being supported by U.S.–Iran military escalation and disrupted tanker traffic through the Strait of Hormuz.
- Iran’s push for a Hormuz shipping deal in Oman underscores ongoing supply uncertainties, keeping a significant risk premium in oil futures.