Bob Iaccino breaks down the recent surge in WTI Crude futures, which hit a 22-session high above $110 before pulling back. The rally comes amid reports that U.S. Central Command is preparing military options against Iran, signaling no immediate resolution to the Strait of Hormuz blockade. Iaccino examines the WTI forward curve, which remains in backwardation with June prices near $104 and August near $94, reflecting strong immediate demand despite OPEC+ plans for modest output hikes starting in May.