European equities slid for the week as STOXX 600 fell 1.5% to 606.92, driven by soaring energy costs tied to US Iran tensions. Analysts warned inflation is starting to bleed into consumer and producer prices, pushing markets toward at least two European Central Bank rate hikes by year end. The bond selloff mirrored the shift. Cyclical sectors and defence led the drop, with banks down 6% and materials off 5.1%, while select semiconductors and firms like Technoprobe bucked the trend.
Oil prices jumped more than $3 a barrel as U.S. and Iran failed to align on Washington’s peace proposal, leaving the Strait of Hormuz largely constrained and global supplies tight. Brent rose to about $104, while West Texas Intermediate climbed to roughly $99. President Donald Trump dismissed Iran’s reply as “unacceptable,” dashing expectations of an imminent ceasefire that could reopen oil transit. Market focus now shifts to Trump’s Beijing visit and whether China can pressure Tehran to reduce disruption.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Oil prices jumped sharply after the US and Iran failed to agree on a peace proposal, leaving the Strait of Hormuz restricted. Brent futures rose about $3.21 to $104.50 per barrel and US WTI climbed roughly $3.06 to $98.48, more than 3% on the day. Traders cited heightened shipping and supply fears, as drone incidents, nuclear tension, and reported naval actions raise the odds of further disruption. Analysts say the next move hinges on diplomacy and whether Hormuz reopens.
Crude oil supertankers have reportedly disabled tracking systems while passing through the Strait of Hormuz, a key chokepoint amid intensifying US-Iran tensions. At least three Very Large Crude Carriers navigated “dark,” transporting Iraqi and UAE oil to reduce the risk of detection during potential threats. The move highlights how shipping security is tightening while trade continues.
The US has launched Operation Freedom to protect the Strait of Hormuz’s crucial shipping lanes and keep global energy flowing. Iran has responded with retaliatory missile and drone strikes, according to reports from the UAE. Officials describe a fragile ceasefire, but escalating attacks signal how quickly the standoff could intensify again.
Asian shares traded mixed today as renewed US Iran hostilities reignited Middle East fears. Crude prices jumped above $115 a barrel after fighting disrupted a ceasefire, raising expectations of further escalation. Traders now brace for volatility in energy and industrial activity, alongside higher geopolitical risk premiums across markets.
Never miss a story
Set alerts for the topics and sources you care about. Download Beige for free.
Indian markets brace for a tough week as the rupee and government bond yields look set for further declines. Brent crude is hovering near $107 after President Trump told envoys not to resume Iran peace talks, reviving fears of higher imported inflation. Traders also cite widening deficits, adding pressure on both currency and debt.
Swipe through stories, personalise your feed, and save articles for later — all on the app.