5% increase in US WTI oil prices to $71/barrel due to Middle East tension and potential Strait of Hormuz disruption.

Escalating tensions in the Middle East, particularly following Iran's missile strikes on Israel, have raised concerns at the Energy Disruptors: Unite conference in Calgary, leading to a nearly 5% increase in U.S. benchmark West Texas Intermediate oil prices, reaching $71 per barrel. Experts warn that disruptions in the Strait of Hormuz, a vital oil passage, could significantly impact global supply and inflation, although some believe the price surge may be temporary.