First listed futures: The Iran-Iraq conflict has fully escalated, and Brent crude oil is approaching 80

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The full-scale escalation of the US-Iran conflict and the continued uncertainty over supply through the Strait of Hormuz are further driving geopolitical risk premiums in crude oil. Brent surged 4%, nearing the $80 per barrel mark. The US Central Command announced at 17:00 U.S. Eastern Time on the 12th that the U.S. will launch a new round of strikes against Iran—its fourth strike against Iran within the past week. In the early hours of the 12th, Iran’s Islamic Revolutionary Guard Corps Navy announced that the Strait of Hormuz would be closed starting immediately, until further notice; however, President Trump later, during an interview, insisted the strait was open and accused Iran of breaking its commitments. The public disagreement between the two sides over the strait’s navigability is itself a dangerous signal. According to Kpler vessel-tracking data, only six ships passed through the strait on Sunday, the lowest level in five weeks. In the short term, expect a rebound. (Founder Futures)
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