Oil futures opened for the week's trading session on Globex approximately 2% higher, following a weekend marked by escalating geopolitical tensions in the Middle East and little visible progress toward ending the conflict.

The most recent reports, which remain unconfirmed, indicate that an Iranian missile struck a tanker in the Strait of Hormuz, setting the vessel on fire. Reports that Iran missiles have hit a tanker off Oman in Hormuz have added to market concerns over the security of one of the world's most critical energy transit routes. The Strait of Hormuz connects the Persian Gulf to the open ocean and historically carries roughly a fifth of global oil consumption, making any disruption a focal point for energy markets and shipping insurers alike.

The weekend developments included several key flashpoints:

• Tanker attack: Unconfirmed reports that Iranian missiles hit a tanker off Oman near the Strait of Hormuz.
• Iran holds firm: Iran has vowed that the Strait of Hormuz will remain shut until the United States meets its demands. Iran vows Hormuz stays shut until US meets demands
• Trump administration response: President Trump stated, "we are low keying it," as the situation around a potential Hormuz deal continued to drift. Trump: "we are low keying it"

The combination of the reported tanker strike, Iran's continued blockade posture, and the lack of diplomatic breakthrough contributed to the upward move in oil prices at the start of the week's futures trade. With the administration signaling a measured approach and Iran linking any reopening to U.S. concessions, market attention is likely to remain on whether further incidents occur in or near Hormuz and whether any diplomatic back-channels emerge in the coming sessions.