Brent crude prices climbed sharply in early European trading, rising 3.65% to $76.39 per barrel as geopolitical risks in the Middle East continued to weigh on global energy markets.
The price jump reflects persistent concerns over shipping disruptions in the Strait of Hormuz, a critical chokepoint for global oil supplies.
82% higher. Energy stocks led the gains, benefiting from the renewed risk premium attached to North Sea and global crude benchmarks.
The rally in oil prices provided immediate support for European equities, with the main index on the Oslo Stock Exchange opening 0.82% higher.
Energy stocks led the gains, benefiting from the renewed risk premium attached to North Sea and global crude benchmarks.
This marks a continuation of the volatility seen in energy markets following recent diplomatic tensions and warnings from Iran regarding tanker routes in the strait.
The surge comes as markets digest the ongoing uncertainty surrounding the normalization of shipping lanes.
Despite some diplomatic progress, physical infrastructure damage and the threat of forceful responses to unauthorized routing have kept risk premiums elevated.