So WTI just hit a two-week high and it's sticking around $92 territory. Third day of buying pressure and honestly the geopolitical backdrop is pretty hard to ignore right now. Middle East tensions are doing exactly what you'd expect - pushing crude oil higher.

The ceasefire extension between US and Iran sounds good on paper but traders aren't convinced it'll hold. More interesting though is what's actually happening in the Strait of Hormuz. Iran's Revolutionary Guards seized two vessels and there are reports of container ships getting hit by gunfire. That's real disruption risk for a critical shipping lane, so the Middle East oil market is pricing in a geopolitical premium that makes sense.

Trump doubled down on the naval blockade of Iranian ports, which keeps the pressure on. Then you had that fake news about a Tehran attack that briefly sent prices to $95.80 before things settled. The fake news spike fizzled pretty quick once people realized it wasn't real, but the underlying story remains bullish.

US crude stockpiles came in with a surprise draw too, which is adding fuel to the fire. So you've got geopolitical risk, supply concerns, and Middle East oil tensions all converging. The momentum did get choppy when the news turned out to be false, so there's definitely some caution warranted if you're looking to chase this higher.

That said, the fundamentals still point upside for crude oil. The path of least resistance seems to be higher given everything playing out in the region. Worth watching how this develops.