WTI crude oil futures surged after U.S. President Donald Trump refuted reports suggesting a potential easing of economic sanctions against Iran. This statement has heightened geopolitical tensions and reinforced market concerns about a constrained global oil supply. Despite some conflicting reports of Middle East oil exports recovering to near pre-war levels, the uncertainty surrounding the Strait of Hormuz and the ongoing conflict continue to support prices. The denial of sanctions relief is the immediate catalyst for today's upward price movement.