WTI crude oil prices have risen sharply due to escalating geopolitical tensions between the U.S. and Iran. The U.S. has reinstated a naval blockade on Iranian shipping and there is discussion of a potential 20% fee on cargo in the Strait of Hormuz. Increased military action and reported attacks on tankers in this critical waterway have heightened fears of a significant global supply disruption, leading to a surge in prices as traders factor in a higher geopolitical risk premium.