Brent crude futures have surged to nearly $113, marking a 46% increase year-to-date, primarily driven by disruptions in the Strait of Hormuz due to the Iran war. Despite the price surge, open interest has halved since late February, indicating that the rally may be fueled by traders closing short positions rather than new long positions. This trend raises concerns about the sustainability of the price increase. The U.S. Dollar Index is near 99.84, with rising bond yields attracting capital into dollar-denominated assets. The 10-year Treasury yield has climbed to 4.40%, adding pressure to the market. BeInCrypto's Oil Equity Confirmation Index (OECI) suggests the oil price trend remains healthy, with a current reading of 0.44. However, the macroeconomic backdrop, including tightening bond markets, poses a potential risk to further oil price increases.