WTI crude oil prices rose over 2% due to heightened geopolitical risk amid an escalating conflict between the United States and Iran, sparking fears of significant supply disruptions through Middle Eastern maritime routes. Fresh U.S. military strikes on Iranian targets have intensified concerns over the stability of oil transit through the Strait of Hormuz. Adding to the bullish sentiment is a sharp decline in U.S. crude inventories, which have reached their lowest levels since 2018, and concerns over potential new sanctions on Russian oil exports.