FX.co ★ Brent Extends Gains to 7-Week High

Brent crude oil climbed roughly 4% on Wednesday to a seven-week high of $94.50 per barrel, marking a fourth straight session of gains as mounting geopolitical tensions stoked worries over global supply. President Donald Trump ruled out the prospect of near-term talks with Iran and warned of potential wider military action, including possible strikes on the suspected nuclear facility at Pickaxe Mountain. He also vowed to respond if Iran-backed Houthi rebels in Yemen interfere with shipping in the Red Sea. At the same time, the US military launched strikes against Iran for an 11th consecutive day, stating that the campaign is intended to weaken Tehran’s capacity to threaten traffic through the Strait of Hormuz, which remains open. Supply risks extended beyond the Middle East as well, following renewed attacks on the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, a critical export route for Kazakh crude.