FX.co ★ Brent Surges

Brent crude jumped to 96 USD/Bbl, gaining more than 6% on the day, as renewed geopolitical tensions in the Middle East unnerved markets. The sharp rally came after Iran reversed its plans to reopen the Strait of Hormuz when the US refused to lift its blockade on Iranian ports, undermining the recent optimism around de-escalation. While progress toward a possible agreement had been building late last week, uncertainty has quickly resurfaced, even as President Trump indicated that US negotiators will travel to Pakistan on Monday for further talks.