Crude Oil is trading 1% up now at $70.61, rebounding as fresh geopolitical tensions in the Strait of Hormuz heighten supply concerns. - Attacks on commercial shipping in and around the Strait of Hormuz on Monday reignited fears of disruptions to global energy supplies. - This comes after recent pressure from rising flows through the Strait and an OPEC+ decision to raise production targets, which had previously weighed on prices. - Today's gains are further supported by surging crack spreads and robust refining demand.