WTI Crude Oil futures reached their highest price level since June 2022 before pulling back to close nearly unchanged. The May contract tested 117.63, driven by geopolitical developments as the 8:00 PM deadline for Iran to reopen the Strait of Hormuz approaches. With the waterway effectively closed to commercial traffic and a 45-day ceasefire rejected, the market remains caught between pricing in a resolution and positioning for potential escalation. Domestically, focus shifts to the upcoming API and EIA weekly inventory reports following three consecutive crude inventory builds of 5.5 million barrels or more. Although total U.S. crude stocks remain 4% below the five-year average, the upward trajectory highlights domestic supply backups amid the broader geopolitical context.