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Renewed tensions in the Middle East pushed oil prices higher on Monday as Iran closed the Strait of Hormuz shortly after reopening it in response to the United States maintaining its blockade on Iranian ports.
Both the international benchmark Brent crude and the U.S. benchmark WTI rose about 6% to around $95 and $89 per barrel, respectively, as of 7 a.m. GMT.
European gas futures at the Dutch TTF hub also surged as much as 6% to €41 ($48.2) per megawatt-hour.
However, lingering hopes for a deal to end the seven-week crisis continued to support equities, even as Tehran said it was not currently planning to attend peace talks.
In Japan, the Nikkei 225 closed up 0.6% at 58,824.89 points, while South Korea’s KOSPI rose 0.44% to 6,219.09. Hong Kong’s Hang Seng and China’s Shanghai Composite also advanced, gaining 0.9% and 0.8%, respectively.
After the opening, European markets moved lower, with the Stoxx Europe 600 down 1%, Germany’s DAX 30 falling 1.3%, the U.K.’s FTSE 100 declining 0.4%, and France’s CAC 40 losing 1.2%.
Futures for major U.S. indices were also lower, with the benchmark S&P 500 down 0.6%. In Türkiye, the benchmark BIST 100 index fell 0.9% to 14,460 points.
Gold prices declined 0.7% to just below $4,800, while silver fell 1% to under $80 per ounce. Palladium and platinum also slipped about 1% to $1,530 and $2,060 per ounce, respectively.
In cryptocurrencies, losses were also around 1%, with Bitcoin falling to $74,890 and Ethereum to $2,890.
Crude prices fell on Friday as Iran moved to reopen the Strait of Hormuz after a cease-fire between Israel and Lebanon, while U.S. and European equities advanced and Wall Street benchmarks closed at record highs.
Despite the market optimism, negotiations showed little progress. The U.S. blockade on Iranian ports remained a key sticking point, and Iranian state media indicated there were no plans to attend the next round of talks in Pakistan.
The only meeting so far in Islamabad on April 11 had ended without results, though efforts to restart talks continued.
Fresh tensions emerged Sunday after U.S. forces seized an Iranian vessel accused of bypassing the blockade, prompting Iranian media reports of retaliatory drone strikes targeting U.S. warships.
Even so, Pakistani sources said Iran is still expected to take part in a second round of talks with Washington, despite the latest escalation.
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