US military are developing plans to target Iran's Hormuz defences if the ceasefire fails, CNN reports

This development indicates a potential escalation in tensions in the Middle East, particularly concerning the Strait of Hormuz, which is critical for global oil supply. If the ceasefire fails and military action is taken, we could see significant volatility in oil prices, as market participants may hedge against supply disruptions. Traders should monitor for immediate shifts in WTI futures and the broader commodities market in response to these geopolitical risks.