Renewed US-Iran hostilities shattered the June ceasefire, sending Brent crude to $79/bbl and jolting global markets. The IEA warns the 2027 surplus forecast could flip, Shell is counting a trading windfall, and gold is getting crushed by the oil-inflation feedback loop — even as the Fed insists prices will cool.

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Oil Markets: Ceasefire Collapse Sends Traders Into a Frenzy

• What happened: The US struck 80+ military targets along Iran's...