US-Iran tensions have escalated, with the US stepping up secondary sanctions against Iran. However, the market appears to have already factored in these new measures, suggesting a degree of desensitization. Following a 5% surge in oil prices last week, which likely included profit-taking, both Brent and WTI crude oil futures experienced a 2.35% decline on Monday. Despite concerns over potential disruptions to oil supply through the Strait of Hormuz, the market currently does not believe that supply from the Persian Gulf has been fully impacted.