Oil futures are climbing as markets reassess geopolitical risk premium amid escalating Iran tensions. The latest: President Trump rolled out a 25% tariff on any nation conducting business with Iran—a move that's already rippling through energy markets and stoking supply concerns. When you layer in these tariff threats alongside Middle East friction, you get the classic recipe for crude rallies. Traders are essentially pricing in the uncertainty: fewer barrels flowing, tighter margins, higher hedging costs. It's the kind of macro pressure that tends to reverberate beyond just petroleum—expect upstream effects on everything from inflation expectations to asset allocation strategies across risk portfolios.