WTI crude oil prices surged as escalating military tensions in the Middle East stoked fears of a significant and prolonged supply disruption. Reports indicate that Iran-aligned Houthi militants attacked Saudi Arabian energy infrastructure, while renewed conflict between the U.S. and Iran has disrupted shipping through the critical Strait of Hormuz. This has led to a substantial increase in the geopolitical risk premium, with traders pricing in the growing threat to the global oil supply.