Iran Standoff Lifts Brent Near $110, Spikes Yields and Retreats Stocks

As of May 21, Brent crude held near $109–$110 per barrel after jumping more than 2% on fresh reports of Iranian uranium directives and persistent Strait of Hormuz supply risks. The surge began May 7 with Deutsche Bank warnings of cross-asset divergences, accelerated after the NACHO trade took hold May 9, and peaked following President Trump’s May 11 rejection of Iran’s ceasefire proposal amid hotter-than-expected April CPI prints of 3.8%. Elevated 30-year Treasury yields above 5.15% and oil-driven inflation concerns have kept equities under pressure, with Asian shares retreating and global risk-off flows dominating.