EU's Kallas says EU ministers reached an agreement to widen sanctions on Iran to include breaches of freedom of navigation

The EU's agreement to widen sanctions on Iran, particularly regarding freedom of navigation, signals an escalation in geopolitical tensions that could disrupt energy markets. This situation may drive oil prices higher, as traders look to assess the impact on supply dynamics and potential conflict in the region, which could influence WTI and other commodities. Keep an eye on related assets, particularly oil and safe-haven currencies, as these developments unfold.