Iran, Oman Draft Hormuz Monitoring Plan as Oil Surges, Real Holds

Overview

• Iran’s vice foreign minister Kazem Gharibabadi told IRNA that Tehran is drafting a protocol with Oman to jointly supervise vessel traffic in the Strait of Hormuz.
• The statement eased risk aversion in markets even as supply concerns sent Brent up more than 7% to about $109 and WTI up over 11% to roughly $111.54.
• The spot dollar closed nearly flat at R$5.1594 against the real, showing Brazil’s currency held its ground through the oil spike.
• The euro fell to about R$5.95 against the real, its weakest level since February 18, 2025, based on local market quotes.
• Travelex Bank’s treasury head Marcos Weigt said EUR/BRL dropped because the euro weakened versus the dollar and the dollar eased versus a steadier real supported by Brazil’s energy profile and distance from the Middle East.