Woofun AI reports that international crude oil futures experienced their largest single-day increase since May 2020, driven by escalating US-Iran conflicts and the reinstatement of a naval blockade. On the New York Mercantile Exchange, August light crude futures settled at $78.14 per barrel, up $6.73 or 9.42%, while London Brent crude for September delivery rose $7.29 to $83.30 per barrel, a gain of 9.59%. ING Bank analysts noted that reduced traffic through the Strait of Hormuz has renewed concerns regarding tight third-quarter supply. Rania Gule of XS Group described the movement as a market repricing of geopolitical risks rather than a mere technical rebound.