Along the narrow waters of the Strait of Hormuz, where a third of the world's seaborne oil passes each day, the ancient calculus of conflict and commerce is once again being tested. As US-Iranian hostilities intensify around this critical chokepoint, oil markets are absorbing what analysts call a geopolitical risk premium — the quiet tax that uncertainty levies on every barrel. The price has not yet crossed $100, but Goldman Sachs has drawn a line at $120 should maritime attacks deepen, reminding the world that energy security and geopolitical stability have always been inseparable companions.