Brent peaked near $118 before a US-Iran framework began unwinding the premium
Oil
General License X resumes Iranian crude exports with banking, insurance and shipping cover after the Hormuz reopening
With Hormuz restricted and the Red Sea still avoided, carriers reroute via the Cape, lifting spot rates 29-129% on key lanes
Royal Marines seize the 'Smyrtos' in the Channel days before a sanctions package hitting ships, insurers and procurement networks
The deposit rate goes to 2.25% as war-driven oil prices push 2026 inflation projections to 3.0% amid stalling growth