The fragile calm in global energy markets has shattered. Following President Donald Trump's declaration on Wednesday that the interim diplomatic agreement with Iran is effectively 'over', Brent crude prices have climbed as traders scramble to price in the renewed risk of conflict.
While American officials are reportedly working to keep diplomatic channels open, the market remains on a knife-edge. Every new exchange of hostilities between Washington and Tehran is being met with immediate volatility, as investors fear the worst for crude supplies. The Strait of Hormuz, the world's most critical maritime chokepoint, has once again become the focal point of the global economy.
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