Crude oil futures settle at $102.88. That is up $3.24 or 3.25%. The close above $100 is the 1st since July 2020 and the highest close since July 11, 2011.Crude oil today is continuing to be driven by escalating geopolitical risk tied to the Iran conflict and uncertainty around the Strait of Hormuz. Rising tensions—including threats to energy infrastructure by Pres. Trump, Houthi involvement, and shifting military strategy—are keeping a strong risk premium in prices. At the same time, mixed signals from U.S. officials and Iran on negotiations versus escalation are creating volatility, with the market balancing potential supply disruption against the possibility of an eventual reopening of the strait.The Houthis (Ansar Allah) are a Yemen-based militant and political group that emerged in the 1990s and now control large parts of northern Yemen, including the capital, Sanaa. They are widely seen as aligned with Iran and have become a key player in broader Middle East tensions. Positioned near the Red Sea and the Bab el-Mandeb Strait—a critical global shipping chokepoint—the Houthis have used drones, missiles, and naval tactics to target commercial vessels, claiming links to Israel. These attacks have disrupted shipping routes, increased costs, and added a risk premium to global energy markets. Despite being a regional force, their actions have outsized global impact, influencing oil prices, trade flows, and geopolitical risk sentiment as their involvement raises the potential for wider conflict.The price is closing below the 61.8% of the move down from the March high to the March low at 103.15. This retracement will be a barometer for the short term for buyers and sellers.Brent crude futures settle at $112.78 up $0.21 or 0.19%. Brent crude, on the other hand, is a specific type of crude oil sourced from the North Sea and serves as one of the main global pricing benchmarks, used to price a large portion of the world’s oil. While “crude oil” refers to the broad category, Brent is a standardized reference point that reflects international supply and demand conditions, which is why traders often compare it with other benchmarks like WTI to gauge regional price differences and market dynamics. This article was written by Greg Michalowski at investinglive.com.