WTI crude oil futures jumped over 6% after the United States and Saudi Arabia conducted joint airstrikes against Iran-aligned forces in Iraq. This followed the interception of multiple ballistic missiles launched by Iran's Islamic Revolutionary Guard Corps in an attempted surprise attack on U.S. forces. These events have reignited fears of a broader conflict that could disrupt crucial oil supplies from the region, leading to a significant increase in the geopolitical risk premium for crude oil.