Brent crude surged to its highest level in a month on Tuesday, driven by fresh reports of a renewed naval blockade targeting vessels bound for Iranian ports.
The escalation in maritime restrictions has reignited supply concerns across global energy markets, with traders pricing in the risk of further disruptions to Gulf shipping lanes.
The spike in oil prices weighed on European equities, with the DAX giving ground in early trading as investors reassessed the cost implications of potential supply tightness.
The market move underscores the persistent vulnerability of global energy flows to geopolitical friction in the region, even as broader economic indicators remain mixed.
This development follows earlier reports that oil prices had reached their highest level since the start of the Iran conflict, according to Axios.
The renewed blockade threat marks a significant escalation in maritime restrictions, raising questions about the durability of current supply chains and the potential for further price volatility.