Woofun AI data shows that WTI crude oil prices climbed 3.26% to reach $73.81 on July 13th. The price increase stems from heightened geopolitical tensions in the Middle East, specifically the escalating conflict between the US and Iran. These developments have triggered concerns regarding the safety of transportation through the Strait of Hormuz and potential disruptions to global oil supplies, resulting in a rapid recovery of the oil risk premium.