Crude Oil is trading at $84.91, up +3.05% as the U.S.-Iran memorandum approaches expiration without diplomatic progress, heightening fears of renewed conflict and supply disruptions.
- Tanker attacks and sharply reduced Strait of Hormuz traffic intensified the supply-risk premium; Reuters reported traffic appeared to approach a near standstill.
- The move is primarily a sector-wide geopolitical supply shock, not a company-specific catalyst.