Brent crude surged toward $100 per barrel as tanker attacks forced Iraq to halt key oil terminals and the Strait of Hormuz remained largely closed. Although the IEA approved a record 400-million-barrel reserve release, markets doubt it will fully offset tightening supply.

Higher oil prices strengthened inflation concerns, lifting US Treasury yields and the dollar while pressuring gold and silver. Markets now largely expect only one Federal Reserve rate cut this year, while ECB rate hike expectations have also increased.

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