BRE3L.MI is trading at €39.70, up +13.74%, as Brent remains above $100 and investors continue pricing prolonged Middle East export disruption. - Uncertainty around US-Iran diplomacy and constrained Gulf flows are sustaining the geopolitical risk premium. - This comes despite Saudi pipeline restoration and higher Iraqi shipments. - The ETC’s 3x daily leverage magnifies the underlying Brent rebound.