Crude Oil is trading 3.95% up at $74.23 as traders react to escalating U.S.–Iran tensions and renewed disruptions to tanker traffic through the Strait of Hormuz.
- Markets are pricing in an increased geopolitical risk premium and supply concerns due to heightened military activity in the region.
- Disrupted shipping lanes in the Strait of Hormuz, a critical global oil route, are providing strong support for higher prices as traders factor in potential supply shocks.