BRE3L.MI is trading at €39.81, up 5.14%, as renewed concern over Gulf supply supported Brent after Trump rejected Iran’s proposal to reopen the Strait of Hormuz. - Continuing shipping threats have kept a geopolitical risk premium in oil. - Recovering Middle East exports and the G7’s planned release of 100 million barrels of emergency crude and diesel weighed on prices, tempering the bullish catalyst. - BRE3L.MI is a daily 3x long Brent product, amplifying daily moves in its oil exposure.