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Brent crude jumped nearly 2% on Tuesday after fresh U.S. military strikes on Iranian targets reignited supply fears, even as Washington and Tehran reportedly progressed toward a deal to reopen the Strait of Hormuz.

Gold slipped on Tuesday after new U.S. military action against Iran weakened recent peace deal optimism, lifting the dollar and oil while pressuring bullion and other precious metals.

Gold prices edge lower as a potential US naval blockade on Iran pushes oil above $110, fueling inflation fears and a hawkish Federal Reserve outlook.