WTI crude oil futures jumped over 2% in pre-market trading as new geopolitical risks in the Middle East fueled supply concerns. [1, 3] Reports of attacks on Saudi Arabia and incidents involving oil tankers near the vital Strait of Hormuz have heightened market fears of a potential disruption to global oil supplies. [2, 8, 9] These events overshadow any potential for increased supply from a rumored Russia-Ukraine energy ceasefire, keeping the focus on near-term supply security.