Morning Brief: India — What Happened in the Last 24 Hours

Brent crude surged past $86 a barrel as Iran tied reopening the Strait of Hormuz to sweeping U.S. concessions on sanctions relief and war reparations, effectively slamming the brakes on a deal that markets had priced in as imminent.

• Iran rejected Washington's demands to reopen the strait without preconditions, with Tehran insisting there is "no military solution" to the crisis — a direct rebuff to Trump's assertion that a deal is "very close.
• **The U.S. has...