Brent crude rises 4.0% intraday to $113.21 a barrel

A 4% intraday move in Brent is a magnitude that typically signals a supply or geopolitical shock rather than routine positioning, and that distinction matters for how the move is read. Because the item gives no driver, the significance sits in the volatility itself: sharp single-session jumps in the crude benchmark feed directly into inflation expectations and energy-linked costs, which is the channel through which crypto and RWA markets usually feel oil. Whether this holds or reverses by the close is the open question.