WTI crude oil futures jumped over 2% in pre-market trading as uncertainty intensified regarding the reopening of the crucial Strait of Hormuz. Reports indicate that while Iran and Oman are nearing an agreement on new shipping lanes, Iran is insisting the U.S. must meet additional conditions before the vital waterway reopens. This has reintroduced a significant geopolitical risk premium into oil markets, heightening concerns about prolonged disruptions to global energy supplies.