According to CoinMeta, oil prices soared driven by concerns over shipping through the Strait of Hormuz. WTI crude oil closed at $77.29 on Thursday, up $2.07 or 2.75%, while Brent crude oil closed at $82.49, with a gain of $3.04 or 3.83%. Brent crude outperformed WTI as traders assigned a higher premium to global supply risks related to the Persian Gulf. The latest catalyst came from reports that Iran is considering restricting shipping through the Strait of Hormuz, including the possibility of banning vessels associated with the United States and Israel from passing through this strategic waterway. Although no disruption to oil flows has been confirmed yet, such statements are sufficient to reignite concerns about this vital global energy bottleneck. Approximately 20% of global oil consumption passes through the Strait of Hormuz, so any threat to shipping poses a significant concern for the energy market. This rise also reflects the uncertainty surrounding diplomatic efforts in the region. Investors are weighing the potential progress of negotiations against the risk that any escalation could quickly tighten global crude oil supplies. Until the safety of shipping is clarified, traders may continue to embed geopolitical premiums into oil prices, making the market highly sensitive to news from the Middle East.