Oil Jumps as Iran Talks Stall and Reports Flag Possible U.S. Intervention

Overview

• Brent settled at $70.35 (+4.35%) and WTI at $65.19 (+4.59%) after an Axios-cited report said a U.S. operation in Iran could last weeks and threaten Strait of Hormuz flows, following Iran’s notice of a temporary closure for exercises.
• Geneva negotiations remained unresolved despite Iran’s foreign minister saying guiding principles were agreed, while U.S. officials signaled Tehran had not met key demands.
• Gold futures reversed earlier weakness to close up 2.1% at $5,009.50 as safe‑haven appetite recovered ahead of the Federal Reserve’s minutes.
• The Fed’s minutes showed a divided committee and pointed to a slow, conditional path to rate cuts, reinforcing a stronger dollar tone in global markets.
• In Brazil, the dollar closed at R$5.24 and the Ibovespa fell 0.24% for a third session, with Vale weighing on the index as holiday-thin liquidity magnified market swings.