BOK nominee flags intervention action on won weakness as inflation risks riseChina still has room to ease as inflation remains below target, BofA saysSome retracement gap filling happening in Asia trade. But not for oil.Recap - Orbán ousted as Hungary shifts toward EU alignment in election shockPBOC sets USD/ CNY reference rate for today at 6.8657 (vs. estimate at 6.8395)Fuel caps emerge in India as war-driven supply concerns ripple downstream.Japan 10-year yield hits 29-year high as oil surge lifts inflation fearsANZ turns hawkish on RBNZ as inflation risks build. RBNZ hike in July, September, OctoberFloating oil storage plunges, but renewed escalation in uncertainty dates the dataNew Zealand services sector contracts further as confidence weakensTrump's latest genius plan is to resume strikes on Iran ('cause its worked so well so far)Futures trade has opened on Globex, oil surges higher, equities slammed lowerTrump flags prolonged fuel price pain, through November!, as US escalates Iran blockadeIran’s foreign minister complaining about the US side in negotiations. As expected.US to enforce Iran port blockade while keeping Hormuz transit openHopium: A second round of US-Iran talks could be held within days (WSJ cite officials)EU politics - Orban lost the Hungarian election. Landslide opposition win. EUR impact.Monday open levels, indicative FX prices, 13 April 2026Weekend:US-Iran talks break down. Trump announces blockade of the Strait of HormuzNewsquawk Week In Focus: US/Iran Talks, US Earnings Season, US PPI, and Chinese GDPUS military ships enter Hormuz. Trump says they're cleaning out the minesinvestingLive Americas market news wrap: Markets rebound on easing tensions hopesOil prices surged and the dollar strengthened on haven demand after US–Iran talks failed and President Trump announced a US naval blockade linked to the Strait of Hormuz. The move initially triggered sharp market concern over a potential disruption to global shipping and energy flows.However, United States Central Command clarified that the blockade, effective April 13 at 10 a.m. ET, applies only to vessels entering or leaving Iranian ports and coastal areas, and will be enforced across all flags. Transit through the Strait of Hormuz to non-Iranian ports will not be impeded, distinguishing the move from a full closure of the waterway.Despite this clarification, tensions remain elevated. Iran’s military warned that any approach by US naval vessels toward the Strait would be considered a breach of the ceasefire, raising the risk of miscalculation. Israel has also moved to a heightened state of readiness, preparing for a possible resumption of hostilities, with concerns Iran could strike first.The broader narrative remains fluid. While Trump signalled indifference to Iran returning to negotiations, multiple reports suggest diplomacy is not dead, with a second round of talks potentially within days. Some analysis frames the blockade as a pressure tactic aimed at forcing concessions rather than triggering immediate escalation.Elsewhere, Hungary’s election result, removing Viktor Orbán after 16 years, was seen as modestly supportive for the euro at the margin, given improved EU cohesion prospects. In rates, Japan’s 10-year yield rose to a 29-year high as oil-driven inflation concerns intensified following the geopolitical escalation. This article was written by Eamonn Sheridan at investinglive.com.