Brent Crosses $91 as Geopolitical Risk Drives Market Divergence

Geopolitical friction took center stage after the expiration of the temporary US-Iran ceasefire framework and tanker disruptions in the Strait of Hormuz sent crude benchmarks Brent and WTI surging [1][2][3]. The jump in oil, paired with rising Treasury yields, sparked pre-market pressure across major US equity index futures, while hedge funds expanded short positioning in tech benchmarks [4][5]. The risk-off impulse pushed capital into defensive hedges, giving commodities a distinct bid while equity futures retreated [6][7]. Macro releases offered a mixed backdrop. US housing data showed sharp cross-currents, with July housing starts dropping 12.4% month-over-month alongside a 5.0%…