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The White House said US officials have convened to discuss Iran’s latest proposal while maintaining “red lines” on any deal. Crude extended its rally to a seventh consecutive session, with Brent rising 2.9% and briefly moving above $111, as a more prolonged supply shock is increasingly being priced in.

Asian equities moved higher at the start of the week, supported by renewed optimism around geopolitics after reports that Iran had presented the US with a proposal to reopen the Strait of Hormuz. The development lifted broader risk sentiment and pushed emerging market stocks to fresh highs, with technology leading the advance.

Oil prices climbed for a fifth consecutive day, with Brent crude rising above $105.50 a barrel, as stalled US–Iran diplomacy and the effective closure of the Strait of Hormuz heightened concerns over global supply disruptions.