Oil spikes as Hormuz threat rattles markets
Oil prices surged as Iran threatened to close the Strait of Hormuz, with Brent cracking above $82 a barrel before easing, while European stocks fell and safe‑haven assets like gold and natural gas rose amid escalating Middle East tensions; shipping routes faced disruption, the UKMTO warned of multiple incidents, and OPEC+ pledged a modest output boost to cushion prices, though a prolonged conflict could push prices much higher.