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WTI surged 3.75% to $99.00 after Trump rejected Iran's peace offer over Strait of Hormuz demands. Brent pushed above $100.

The failed diplomacy reignites supply disruption fears. Iran exports 1.5M bbl/day — any escalation threatens the already-tight global supply balance with OPEC+ slow to add barrels.

$100 psychological resistance is the line. Break above opens $103-$105 range. De-escalation headline could slam it back to $95.

Cable gained 45 pips to 1.3601, supported by broad dollar weakness and solid UK services PMI data last week.

BoE rate path divergence from the Fed is widening — UK inflation persistence keeps the BoE on hold while Fed signals cuts. Sterling benefits.

UK employment data Wednesday 09:00 TRT. Rising wages would reinforce BoE hawkishness and push cable toward 1.3700.