WTI has climbed 2.1% to $83.48 as the IAEA examines a reported U.S. strike on Iran's under-construction Darkhovin nuclear facility, a different category of target than the ports, bridges and tankers hit over the conflict's previous five months. Roughly 20% of global oil supply transits the Strait of Hormuz, the chokepoint behind nearly every price move since the conflict began in February. USD/CAD fell to a one-month low Monday, suggesting currency markets are still treating the strike as a bounded escalation rather than a turning point.
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