Brent crude reached $109.41 today, up 3.87% on the session and a fresh year high. The benchmark has climbed roughly 17% over the past week, the steepest weekly gain since the Iran war began nine weeks ago.
The trigger: peace talks collapsed over the weekend. Trump cancelled the planned Witkoff and Kushner trip to Islamabad on Saturday, posting on Truth Social that "we have all the cards; they have none." Iranian Foreign Minister Abbas Araghchi flew to Pakistan anyway, met only Pakistani officials, and left without a US counterpart in the room.
The Strait of Hormuz is effectively closed. Maritime intelligence platform Windward counted 19 commercial transits Saturday, against a normal flow that carries about a fifth of global oil and gas. Iran's Revolutionary Guard reportedly boarded two cargo ships in the strait over the weekend.
Tehran has since floated a new proposal via Pakistani mediators to extend the ceasefire and delay nuclear talks until the US blockade is lifted. Macquarie warned that prolonged disruption could send Brent to $150. The IEA has called this the largest energy supply shock on record. #TrumpCrypto #TRUPM120USDT $TRUMP
