The primary driver for the sharp increase in WTI crude oil prices is the escalating military conflict between the United States and Iran. Reports of a sixth consecutive night of US airstrikes on Iranian targets and retaliatory actions from Iran have heightened market fears of a significant disruption to global oil supplies, particularly through the critical Strait of Hormuz. This has led to a steep weekly gain for crude, with some analysts suggesting prices could head towards $100 a barrel if tensions do not de-escalate.