The fragile four-week ceasefire between the United States and Iran has collapsed, with US forces launching strikes near the Strait of Hormuz.
The escalation marks a sharp deterioration in regional stability, effectively ending the brief period of de-escalation that had allowed markets to price in a lower risk premium for Gulf transit.
Brent crude and gold prices surged in response to the renewed hostilities.
The immediate market reaction reflects a repricing of supply disruption risk, as traders assess the potential for a sustained blockade of the chokepoint through which roughly a fifth of global oil demand passes.
Safe-haven flows into precious metals accelerated alongside energy gains, signaling broad-based risk aversion.
Shipping traffic through the Strait of Hormuz has reportedly collapsed following the exchange of fire.