WTI crude oil prices surged to a four-week high due to a significant escalation in hostilities between the United States and Iran. The U.S. reinstated a naval blockade on the Strait of Hormuz, a critical channel for global energy supplies, and military actions have resumed. This abrupt reversal of a recent peace agreement has reintroduced a significant geopolitical risk premium into the market, stoking fears of a major disruption to the global oil supply.