The week began with traders betting that increased cargo flow would stabilize prices, driving WTI as low as $84.11. This sentiment evaporated as the conflict widened. Tuesday’s U.S. strikes against Iranian radar and mine-laying positions triggered immediate retaliation, while fresh threats against energy infrastructure and missile strikes on Kuwait forced a sharp reversal.

Prices are climbing not because of a total blockade, but because the current supply chain remains hostage to daily military headlines. While a brief dip occurred Thursday following comments from President Trump suggesting a short-lived conflict, the market remains volatile. The rally to $93.14 earlier in the week represents the highest level since July, signaling that investors are no longer willing to discount the risk of a regional supply disruption.