Three weeks of fragile peace bought President Donald Trump some time and leverage over Iran. But not too much.

Brent crude futures were a long way below the war's peak prices but rose enough to wobble the bond market by increasing inflation risks.

Renewed hostilities between the US and Iran have also heightened safety and security concerns around the Strait of Hormuz.

Crude oil prices spike over 6% after Trump declares the ceasefire with Iran "over," raising geopolitical tensions.

Uncertainty over the ceasefire means uncertainty over prices.