WTI Crude Oil futures rallied aggressively, retaking the $100 level and posting their largest percentage move higher since early May. The surge was primarily driven by geopolitical developments, specifically the continued closure of the Strait of Hormuz extending into its 11th week following the rejection of Iran's latest peace proposal. With the ceasefire reportedly on life support and tanker traffic remaining well below pre-conflict levels, a significant risk premium remains embedded in front-month contracts. The WTI Crude Oil futures curve remains in backwardation, highlighting trader consensus on short-term supply tightness as the EIA factors in substantial 10.5 million barrel per day production shut-ins across the Middle East.