April WTI Crude Oil futures are settling higher but finished well off the session highs as the recent steep rally paused. While the market saw a high of 98.42, optimism surrounding oil flow through the Strait of Hormuz helped temper further gains. The U.S. administration has formalized a multinational naval escort initiative to maintain passage, though NATO allies have yet to join the effort. Despite some success by Pakistan and India in moving ships, prices remain supported by ongoing geopolitical friction. Iranian forces have reportedly conducted 21 attacks on merchant vessels since early March, targeting infrastructure like the UAE's Fujairah terminal and the Shah gas field. While Saudi Arabia and the UAE are using alternative pipelines, the current bypass capacity of 3.5 to 5.5 million barrels per day remains significantly lower than the 20 million barrels typically flowing through the strait.