Iran Tensions Put Risk Premium Front and Center The biggest driver this week has been a sharp escalation in U.S.–Iran tensions, injecting a sizeable risk premium into both benchmarks. Reports that President Trump is considering targeted strikes on Iranian leadership have pushed Brent to around $70.70 and WTI to the mid-$60s—the highest levels since mid-2025. Trump warned Tehran it faces military force unless it accepts a new nuclear deal, with talk of a "massive armada" headed toward the region. The U.S. has reinforced its naval presence…