WTI crude oil prices have surged past $100 a barrel, a level not seen since May, propelled by a significant escalation in the armed conflict between the United States and Iran. Reports of escalating strikes by both sides, including attacks on oil tankers near the critical Strait of Hormuz, have intensified market fears of a major disruption to global crude supplies. This heightened geopolitical tension is adding a significant risk premium to oil prices, fueling concerns about broader inflationary impacts.