MarketPR
Brent crude extended its advance above $83 a barrel as traders priced in the possibility that a lasting agreement to reopen the Strait of Hormuz remains out of reach.
Reports pointing to Iran potentially restricting shipping linked to the United States and Israel kept the geopolitical risk premium firm in the session.
Treasury yield climbed to 4.68%, reinforcing the view that the Federal Reserve will hold rates higher for longer. The Hormuz setup The Strait of Hormuz is the central catalyst.
Uncertainty over whether a durable agreement can hold the waterway open has kept buyers active in Brent, and the session extended that positioning.
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