Brent Surges Above $100 Amid Strait of Hormuz Tensions

Asia's markets have taken a volatile turn, with oil and yields rising while stocks are mixed and gold is down. The US dollar remains relatively flat.

The Brent crude price has surged around 2% after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz. This move seems to be a repeat of previous demands from Trump.

Analysts continue to assume that both sides are seeking an off-ramp, but Trump has stated repeatedly that the war will persist beyond the midterms and Tehran is hoping for a change in government control.

Oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the conflict started, according to ship tracker Kpler. This has led to Brent closing above $100 for three weeks straight, with a 17% increase for September so far.