WTI crude oil prices surged over 2% due to renewed uncertainty regarding the reopening of the Strait of Hormuz, a critical channel for global oil supplies. Reports indicate that Iran has presented a new set of conditions for the waterway's reopening, diminishing hopes for a swift resolution and raising concerns about prolonged supply disruptions. This geopolitical friction has reintroduced a risk premium into the market, pushing prices higher as traders weigh the potential for restricted crude flows.