WTI crude oil prices have risen sharply due to a significant escalation in geopolitical tensions between the United States and Iran. Reports from the current market session indicate that the U.S. has reinstated a naval blockade on Iranian shipping in the critical Strait of Hormuz. [3, 6, 8, 17] This follows several nights of military strikes from both sides and attacks on oil tankers in the strait, fueling market fears of a major disruption to global oil supplies and driving prices to a four-week high. [6, 8, 15, 17]