Colombian peso weakens as oil spikes on Iran tensions; dollar hits $3,120

The Colombian peso opened weaker, with the dollar rising $20 to $3,120, reversing a recent trend, as oil prices surged above $102/bbl on escalating Iran-related conflict risks. The move reflects risk-off sentiment and higher oil prices, which typically support the peso but are being outweighed by broader market anxiety. Uncertainty centers on the extent of Iran escalation and its impact on global risk appetite and commodity prices.