WTI crude oil prices rose sharply after an attack on a tanker in the Strait of Hormuz, a critical chokepoint for global oil supplies. This incident, coupled with growing fears of a potential escalation in the conflict between the U.S. and Iran following next week's American midterm elections, has significantly increased the geopolitical risk premium in the market. Traders are concerned about the potential for major supply disruptions from the region, pushing prices to their highest levels in months.