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Pétrole : hausse après la chute liée aux tensions Iran-USA

by Omar Benali International
written by Omar Benali International

Oil Prices Climb as Iran War Optimism Wanes

DUBAI, United Arab Emirates (AP) — Oil prices rose Tuesday, with Brent crude regaining the $100 per barrel mark, as skepticism grew regarding a potential de-escalation of tensions in the Middle East. The price increase reflects ongoing concerns about potential disruptions to global energy supplies amid the Iran war.

International benchmark Brent crude futures with May delivery climbed more than 3% to $103.04 per barrel, while U.S. West Texas Intermediate futures for May traded 4.2% higher at $91.82 per barrel. The gains followed a sharp sell-off Monday, when Brent crude fell approximately 11% to around $99 per barrel after briefly topping $112 on Friday.

The initial dip followed a statement by former U.S. President Donald Trump on his Truth Social account claiming “very good and productive conversations” with Iran regarding a resolution to hostilities. Trump also stated he had instructed the Department of War to postpone military strikes against Iranian power plants and energy infrastructure for five days.

However, Iran refuted Trump’s claims of negotiations, and analysts remain wary.

“Despite the exuberance on Wall Street, oil is well off its lows after Tehran denied conducting any weekend negotiations with Washington,” said José Torres, senior economist at Interactive Brokers. He added that the risk of a prolonged conflict remains a key concern for the market.

Repeated attacks on critical energy infrastructure in the Middle East have fueled fears of disruptions to both production and transportation. Torres noted that even if a deal is reached, lingering nervousness about potential capacity and transportation issues could keep costs elevated compared to the beginning of the year.

Prior to the outbreak of the war, the Strait of Hormuz handled about 20% of global seaborne oil supplies. Iran had virtually halted flows through the critical waterway but indicated Sunday it would permit safe transit for ships not associated with its “enemies.”

The price fluctuations underscore the sensitivity of the oil market to geopolitical events, particularly in the Middle East. The Brent-WTI spread, a key indicator of global energy health, is being closely watched as the situation unfolds.

[CNBC] Oil prices since the start of the year: https://www.cnbc.com/appchart?symbol=%40CL.1&range=YTD&comp=%40LCO.1&type=mountain&embedded=true&$DEVICE$=undefined

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Nouvelles

Iran : Menaces sur les obligations d’État américaines et escalade des tensions

by Elodie Martin - Nouvelles
written by Elodie Martin - Nouvelles

Tensions montent au Moyen-Orient : l’Iran menace de frapper des infrastructures énergétiques régionales

DUBAI, Émirats arabes unis – Alors que le conflit au Moyen-Orient entre dans sa quatrième semaine, l’Iran a élargi ses avertissements, menaçant désormais de cibler les acheteurs de bons du Trésor américain, dans une escalade des menaces qui coïncide avec l’expiration imminente de l’ultimatum de 48 heures lancé par l’administration Trump.

Dans un message publié dimanche sur les réseaux sociaux, Mohammad Bagher Ghalibaf, le président du Parlement iranien, a déclaré que les institutions financières liées aux États-Unis détenant des obligations du gouvernement américain seraient visées, aux côtés des bases militaires. « Les bons du Trésor américain sont imbibés du sang des Iraniens. En les achetant, vous achetez une frappe sur votre siège et vos actifs », a-t-il écrit. Il a ajouté que, parallèlement aux bases militaires, les entités financières finançant le budget militaire américain seraient des cibles légitimes.

Cette escalade verbale fait suite à l’ultimatum de 48 heures lancé samedi par le président américain Donald Trump à Téhéran, lui demandant de rouvrir le détroit d’Ormuz – une artère clé pour le transport mondial de l’énergie – sous peine de frappes sur ses centrales électriques. L’échéance est fixée à lundi soir, heure de Washington.

Le Premier ministre israélien Benjamin Netanyahu a promis de soutenir la menace américaine : « Tout ce que nous faisons, nous le faisons ensemble, et autant que possible, en toute confidentialité », a-t-il déclaré. S’adressant sur le site d’une attaque de missile iranien dans la ville méridionale d’Arad, Netanyahu a appelé les dirigeants mondiaux à se joindre aux efforts de guerre, y compris les nations européennes. « Ils ont la capacité d’atteindre profondément en Europe… ils mettent tout le monde dans leur ligne de mire », a-t-il affirmé.

L’Iran a répliqué en menaçant de fermer complètement le détroit d’Ormuz et d’attaquer les infrastructures énergétiques et les installations de dessalement du Golfe si les États-Unis donnent suite à leur ultimatum. Ghalibaf a averti dimanche que toute frappe américaine ou israélienne contre les centrales électriques iraniennes déclencherait « immédiatement » des attaques de représailles contre les infrastructures énergétiques et pétrolières de la région, causant des dommages « irréversibles ». « Les infrastructures critiques et les infrastructures énergétiques et pétrolières de toute la région seront considérées comme des cibles légitimes et seront irrémédiablement détruites, et les prix du pétrole augmenteront pendant longtemps », a-t-il déclaré sur X.

Les hostilités militaires se sont intensifiées au cours du week-end, avec des informations faisant état d’une intense activité de missiles en Israël, déclenchant de multiples alertes pour que les habitants se mettent à l’abri dans les zones de Jérusalem et du centre d’Israël. Au moins huit sites, principalement dans le centre d’Israël, ont été touchés par des débris ou des explosifs, selon Al Jazeera.

Lundi, l’armée israélienne a déclaré avoir lancé une vaste vague de frappes ciblant les infrastructures iraniennes à Téhéran, avec des informations faisant état d’explosions dans plusieurs parties de la capitale dès le matin. L’Iran a continué de lancer des missiles et des drones sur Israël et les pays du Golfe accueillant des actifs américains. Le Koweït et les Émirats arabes unis ont déclaré lundi que leurs défenses aériennes avaient intercepté des attaques de missiles et de drones provenant d’Iran, avec des sirènes d’alerte à Bahreïn.

L’Arabie saoudite a également annoncé avoir détecté deux missiles balistiques tirés en direction de la zone de Riyad. L’un a été intercepté, tandis que l’autre est tombé dans une zone inhabitée, selon un porte-parole du ministère de la Défense.

Selon le ministère iranien de la Santé, les frappes israéliennes et américaines ont tué au moins 1 500 personnes en Iran à ce jour. Cependant, le groupe américain de défense des droits de l’homme HRANA, qui suit les violations des droits de l’homme en Iran, a fait état de 3 320 personnes tuées, dont 1 406 civils et 1 167 militaires.

L’Iran a effectivement fermé le détroit d’Ormuz à la plupart du trafic maritime depuis le lancement des frappes américano-israéliennes contre le pays le 28 février. Ce conflit croissant au Moyen-Orient a fait grimper les prix du pétrole ces dernières semaines, en raison des craintes d’un choc de l’offre pétrolière, alimentant les inquiétudes inflationnistes et pesant sur la croissance.

Les prix du pétrole ont connu des fluctuations importantes lundi. Le Brent a inversé ses pertes initiales pour gagner 0,44 % à 112,68 dollars le baril à 22 h 57 heure de l’Est. Le West Texas Intermediate américain était en hausse de 0,78 % à 99 dollars le baril.

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International

Banques centrales : Taux inchangés face aux tensions au Moyen-Orient

by Omar Benali International
written by Omar Benali International

Bank of England Holds Rates Amidst Middle East Uncertainty, Global Central Banks Wary

LONDON – The Bank of England on Thursday unanimously decided to hold its benchmark interest rate steady at 3.75%, a move largely attributed to escalating tensions in the Middle East and the resulting surge in global energy prices. The decision marks a significant shift from earlier expectations of a rate cut in March.

Prior to the outbreak of conflict in late February, the Bank of England had signaled a potential easing of monetary policy. However, the current geopolitical climate has injected considerable uncertainty into the economic outlook, particularly regarding inflation and growth.

“Conflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costs,” the Bank of England stated.

The central bank acknowledged a period of disinflation in domestic prices and wages prior to the recent crisis, but warned that consumer price index (CPI) inflation is now expected to rise in the near term due to the “shock to the economy.” Policymakers are also monitoring the risk of increased domestic inflationary pressures stemming from wage and price-setting, particularly if elevated energy prices persist.

The decision sent ripples through financial markets. London’s FTSE 100 extended its losses, falling 2.5% by midday. Yields on 10-year gilts rose 14 basis points to 4.874%, while the 2-year gilt yield increased by 20 basis points to 4.31%.

“Most central banks are facing the same challenging backdrop, but the trade-offs are not equal,” noted Madison Faller, Global Investment Strategist at J.P. Morgan Private Bank. “The Bank of England’s are uniquely British: stubborn inflation, a weakening jobs market, and little fiscal wiggle room.” Faller added that market expectations have shifted dramatically, from anticipating two rate cuts just weeks ago to bracing for as many as two rate hikes this year.

Global Central Banks Respond to Shifting Landscape

The Bank of England’s move is part of a broader trend among global central banks reassessing their monetary policies in light of the Middle East conflict.

The Swiss National Bank also held its main policy rate at 0.00% on Thursday, but indicated an increased willingness to intervene in foreign exchange markets to counter any “rapid and excessive appreciation of the Swiss franc.” SNB Chairman Martin Schlegel emphasized that any intervention would be motivated by monetary policy considerations, not competitive advantage for Swiss exporters. He noted the impact on the Swiss economy would depend on the duration of the conflict and sustained high energy prices.

Sweden’s Riksbank similarly maintained its main policy rate at 1.75%, stating it expects the rate to remain at that level “for some time to come,” while remaining vigilant to the evolving situation. The Riksbank anticipates the war in the Middle East will dampen growth and contribute to higher energy prices.

The European Central Bank (ECB) was not expected to alter its benchmark interest rate before the conflict, with Eurozone inflation already near the central bank’s 2% target. February data showed inflation in the Eurozone rising to 1.9%, up from 1.7% in January. ECB President Christine Lagarde had previously described the Eurozone’s economic outlook as “in a good place,” a sentiment now tempered by the unfolding geopolitical events. Traders are closely watching for guidance from the ECB on how it might respond to rising energy costs and inflationary pressures.

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International

Trump menace de reporter son voyage en Chine sur fond de tensions liées au détroit d’Ormuz

by Omar Benali International
written by Omar Benali International

Trump Threatens to Delay China Trip, Cites Strait of Hormuz Dispute

BEIJING – U.S. President Donald Trump has raised the stakes ahead of a planned summit with Chinese President Xi Jinping, suggesting he may postpone the trip if Beijing doesn’t demonstrate a willingness to help secure the Strait of Hormuz. The potential delay underscores growing tensions between the two nations over energy security and regional influence.

Trump, in an interview with the Financial Times on Sunday, indicated the March 31-April 2 summit could be in jeopardy. He expects China to take action regarding the vital waterway before his arrival in Beijing, according to the report.

The Strait of Hormuz, through which roughly 20% of the world’s daily oil supply passes, has become a focal point of concern following recent disruptions. Trump has been appealing to multiple countries, including China, to assist in maintaining open passage.

While Trump framed Beijing’s cooperation as being in its own self-interest – noting China sources approximately 90% of its oil through the strait – analysts suggest China may be less vulnerable to disruptions than the U.S. president implies.

Beijing has been actively diversifying its energy sources and building substantial strategic reserves. As of January, China held an estimated 1.2 billion barrels of onshore crude stockpiles, enough to cover three to four months of demand. Furthermore, seaborne oil imports through the strait now account for less than half of China’s total oil shipments, according to Rush Doshi, director of the China Strategy Initiative at the Council on Foreign Relations. Satellite imagery also indicates continued oil shipments from Iran to China despite recent conflict.

Some observers believe Trump’s threat is largely a negotiating tactic. Edward Fishman, a senior fellow at the Council on Foreign Relations, described the remarks as a “bluff,” pointing to China’s investments in renewable energy technologies as a source of growing leverage.

“The bet that China made over a decade ago on clean energy…is clearly paying off right now,” Fishman said. “And that’s going to give China a huge amount of leverage, because they’re the ones who hold the key to all of those technologies.”

The potential summit would be the first visit to China by a U.S. president since Trump’s trip in 2017. It follows a meeting in Busan, South Korea, last October, where the two leaders agreed to a one-year truce in a trade war that had previously seen tariffs escalate sharply.

Adding to the pre-summit pressure, the U.S. has launched trade investigations into several countries alleging excess capacity and forced labor practices. China’s commerce ministry responded Monday, criticizing the investigations as “extremely unilateral, arbitrary and discriminatory” and vowing to defend its interests.

Treasury Secretary Scott Bessent recently met with Chinese counterpart He Lifeng in Paris to discuss the planned summit, though Beijing has yet to officially confirm the dates.

CNBC’s Evelyn Cheng and Penny Chen contributed to this report.

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International

Trump ordonne le bombardement de Kharg Island en Iran

by Omar Benali International
written by Omar Benali International

Trump Authorizes Strike on Iran’s Kharg Island, Threatens Further Action Over Strait of Hormuz

TEHRAN – U.S. President Donald Trump announced Friday that he ordered a bombing raid targeting military sites on Iran’s Kharg Island, a critical hub for the country’s oil exports. The strike, described by Trump as “one of the most powerful bombing raids in the History of the Middle East,” comes amid escalating tensions and a widening conflict in the region.

“Moments ago, at my direction, the United States Central Command executed…totally obliterated every MILITARY target in Iran’s crown jewel, Kharg Island,” Trump stated in a post on Truth Social. He notably added that he had “chosen NOT to wipe out the Oil Infrastructure on the Island,” but warned that any interference with shipping through the Strait of Hormuz would prompt a reconsideration of that decision.

The president later asserted that Iran’s ambitions to dominate the Middle East and “completely obliterating Israel” were now “DEAD!”

Speaking to reporters before departing for Florida, Trump indicated the military campaign would continue “as long as necessary,” offering no specific timeline. When pressed on the possibility of “unconditional surrender,” he stated the U.S. had achieved “a position of dominance that nobody has seen before.”

Kharg Island, located in the Persian Gulf, handles approximately 90% of Iran’s crude oil exports, with a loading capacity of around 7 million barrels per day. Analysts have long considered a move against the island to be high-risk, potentially triggering a significant escalation and disruption to global oil markets.

Brent crude oil futures closed above $100 per barrel Friday for the second consecutive day, surging more than 40% since the start of the conflict.

The Trump administration has previously discussed the possibility of seizing Kharg Island, according to a recent report by Axios. While officials anticipate oil prices will fall once “Operation Epic Fury” concludes, the potential for further disruption remains high.

U.S. Defense Secretary Pete Hegseth has not ruled out deploying ground forces to Iran, but stated the U.S. does not intend to become “bogged down” in a prolonged conflict.

The strikes on Kharg Island follow nearly two weeks of U.S. and Israeli-led attacks against Iranian targets.

Reporting contributed by CNBC’s Riya Bhattacharjee.

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International

Guerre Iran-Israël : le pétrole flirte avec les 100 $

by Omar Benali International
written by Omar Benali International

Oil Prices Remain Elevated as Iran Conflict Enters Third Week, Strait of Hormuz Remains Closed

DUBAI, United Arab Emirates (AP) — Brent crude oil hovered near $100 a barrel Friday as the conflict between the U.S., Israel and Iran stretched into its third week, with no immediate end in sight. The continued closure of the Strait of Hormuz, a vital global oil shipping route, is fueling market anxieties and raising concerns about a potential global economic shock.

Brent futures were down 1.13% at $99.32 per barrel at 7:49 a.m. ET, after surpassing $100 on Thursday. West Texas Intermediate crude futures fell by 2.07% to $93.75 per barrel.

The surge in oil prices follows a dramatic climb last week, with Brent rising by more than 9% and WTI marking its best week since 1983. The previous week saw the largest weekly gain in oil prices since the start of the COVID-19 pandemic in 2020.

The situation escalated overnight when former U.S. President Donald Trump indicated that a resolution to the conflict wasn’t imminent, stating the U.S. possesses “unparalleled firepower, unlimited ammunition, and plenty of time.” He urged followers to “watch what happens” to the Iranian regime.

Trump reportedly told G7 leaders earlier this week that Iran was “about to surrender,” according to Axios. However, Iran’s new supreme leader, Mojtaba Khamenei, countered with a vow to continue fighting, delivered via state television.

Several foreign ships in or near the Strait of Hormuz have been struck by ammunition this week, exacerbating fears of a prolonged war and its potential impact on the global economy.

Ebrahim Zolfaqari, spokesperson for Iran’s military command, warned on Wednesday, “Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” Reuters reported.

Despite an unprecedented release of 400 million barrels of oil from the International Energy Agency’s emergency reserves and the temporary lifting of some sanctions on Russian exports by the White House, oil prices remain elevated.

Barclays’ Emmanuel Cau noted growing investor nervousness, despite an initial expectation of a short-lived conflict. “Investors still believe in the Trump put, hence global equities are not down as much as in past oil shocks,” Cau said. “But nervousness is growing by the day and the longer the Strait of Hormuz stays closed the more stagflationary markets will turn. Watch central banks next week amid hawkish repricing in rates.”

Amjad Bseisu, CEO of British petroleum production company EnQuest, told CNBC’s “Squawk Box Europe” that the oil market has “never seen something of this magnitude before.” He warned that each day of delay results in another 20 million barrels removed from the market, with continuing repercussions.

Bseisu drew parallels to the Arab embargo of the 1970s, which led to a quadrupling of oil prices. “Then we saw quadrupling of prices, and I think we’ve seen prices here come up 50% but I do think this is going to be quite a long run,” he said.

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International

États-Unis : Autorisation temporaire d’achat de pétrole russe bloqué en mer

by Omar Benali International
written by Omar Benali International

WASHINGTON (AP) — The United States has authorized the temporary purchase of Russian oil already on ships at sea, a move aimed at stabilizing global energy markets rattled by conflict in West Asia involving Iran. Treasury Secretary Scott Bessent announced the measure Thursday, describing it as a “narrowly tailored, short-term” solution.

The decision comes as oil prices have experienced significant volatility since the start of the Iran war, briefly nearing $120 a barrel earlier this week. Global benchmark Brent crude closed just above $100 per barrel Thursday, following vows from Iran’s new supreme leader, Mojtaba Khamenei, to keep the Strait of Hormuz closed.

According to CNBC, approximately 124 million barrels of Russian-origin oil are currently afloat across 30 locations worldwide, representing roughly five to six days of global supply as of March 12.

Bessent stated the temporary increase in oil prices represents a short-term disruption that will ultimately benefit the U.S. economy. He also emphasized that the measure is not expected to provide a substantial financial windfall to the Russian government, as most of Moscow’s energy revenue is generated from taxes levied at the point of extraction.

The Treasury Department outlined in a notice that the exemption applies to Russian crude products loaded onto ships on or before 12:01 a.m. Eastern time, with purchases permitted until April 11 at the same time.

The U.S. also granted a 30-day waiver to India last week, allowing the country to continue purchasing Russian crude. Bessent reiterated that this waiver, like the broader authorization, is not intended to significantly benefit Russia, as it pertains only to oil already in transit.

“It was unfortunate that Russia will benefit financially from this move, but we hope that it will be [for] a micro period,” Bessent said in a recent podcast interview. He explained the waiver was granted because “the Russian barrels are on the water, and it is a quick source for the Indian refineries.”

The move comes against a backdrop of existing sanctions imposed by the G7 and the European Union on Russian oil following the 2022 invasion of Ukraine, including a price cap of $44.1 per barrel. The EU has also committed to phasing out all remaining oil imports from Russia by the end of 2027.

The U.S. previously banned imports of Russian oil, liquefied natural gas, and coal in 2022 under the Biden administration.

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International

Strait d’Hormuz : Attaques de navires, tensions montent

by Omar Benali International
written by Omar Benali International

Attacks on Ships in Strait of Hormuz Escalate, Raising Global Trade Concerns

DUBAI, United Arab Emirates – A series of attacks on commercial vessels in the Strait of Hormuz is intensifying maritime security concerns and disrupting a vital artery of the global oil supply, authorities say. Three ships were struck by projectiles on Wednesday, March 11, 2026, according to the United Kingdom Maritime Trade Operations (UKMTO) center.

The Thailand-flagged cargo ship Mayuree Naree was among those targeted, becoming engulfed in thick black smoke, as confirmed by the UKMTO and images circulating from the scene. Thailand’s navy reported the vessel, carrying 23 people, was attacked while transiting the strait.

Iran’s Revolutionary Guards have claimed responsibility for firing on the Mayuree Naree, according to Iran’s semi-official Tasnim news agency, as reported by Reuters.

The attacks are occurring against a backdrop of heightened tensions following U.S. and Israeli airstrikes on Iran on February 28. Iran has since retaliated, targeting ships attempting passage through the strait.

One ship was impacted 11 nautical miles north of Oman and subsequently abandoned by its crew after a fire broke out. Two additional incidents were reported – one approximately 50 nautical miles northwest of Dubai, United Arab Emirates, and another near the UAE coastline.

The UKMTO has issued a warning to vessels in the area, urging heightened vigilance and the reporting of any suspicious activity. Authorities are investigating the circumstances surrounding the attacks.

Since February 28, the UKMTO has received 17 reports of incidents affecting vessels in the Persian Gulf, Strait of Hormuz, and Gulf of Oman, including 13 attack reports and four reports of suspicious activity.

The Strait of Hormuz, a narrow waterway connecting the Persian Gulf and the Gulf of Oman, is a critical chokepoint for global energy supplies, with roughly 20% of the world’s oil and gas typically passing through it. The recent attacks have brought shipping traffic through the strait to a near standstill.

“Iran’s rapid and extensive retaliation against shipping and regional energy…has severed a vital artery in global supply chains,” said Torbjorn Soltvedt, principal Middle East analyst at risk intelligence company Verisk Maplecroft, in a statement Wednesday. He added that further attacks underscore the continued threat Iran poses to shipping.

U.S. forces sank several Iranian ships, including 16 minelayers, near the Strait of Hormuz on Tuesday, according to U.S. Central Command, following a statement from President Trump demanding the removal of any mines in the waterway.

(Source: Content provided by nouvelles-du-monde.com, with information from UKMTO, Reuters, and CNBC.)

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International

Pétrole : prix en hausse après les tensions Iran-Israël

by Omar Benali International
written by Omar Benali International

Oil Prices Surge as Middle East Tensions Escalate

By [Your Name], International Editor, nouvelles-du-monde.com

Oil prices jumped to a five-month high Friday as escalating tensions in the Middle East raised concerns about disruptions to global energy supplies. Brent crude futures climbed 4.5% to $89.23 a barrel by 6:58 a.m. ET, while U.S. West Texas Intermediate crude rose 6.3% to $86.06, levels not seen since April 2024.

The price surge follows reports of retaliatory attacks between Iran and Israel, and warnings from Qatar that the conflict could lead to a significant reduction in oil exports from the Gulf region. Qatar’s energy minister, Saad al-Kaabi, told the Financial Times that crude prices could reach $150 a barrel in the coming weeks if oil tankers are unable to transit the Strait of Hormuz, a critical shipping route. He suggested that Gulf exporters may be forced to declare force majeure – a clause absolving them of contractual obligations due to unforeseen circumstances – in the coming days.

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” al-Kaabi said. “All exporters in the Gulf region will have to call force majeure.”

The situation is already impacting energy markets. The conflict, now in its seventh day, is bringing traffic in the Strait of Hormuz to a near standstill, disrupting energy production.

While the immediate impact is higher prices, some analysts suggest the longer-term effect could be deflationary for the U.S. Atakan Bakiskan, chief U.S. economist at Berenberg, explained to CNBC’s Squawk Box Europe that higher energy prices reduce consumer purchasing power, potentially curbing demand for other goods and ultimately lowering core inflation.

The average price for a gallon of regular gasoline in the U.S. has already risen nearly 27 cents in the week leading up to Thursday, reaching $3.25, according to data from AAA.

The U.S. government has taken steps to mitigate potential disruptions. A 30-day waiver was issued to India, the world’s third-largest oil importer, allowing it to resume purchases of Russian oil, despite previous 25% tariffs imposed on such imports. Reuters reported that the U.S. Treasury is also considering measures to curb energy price spikes, including potential interventions in the oil futures market.

Crude prices are on track for their largest weekly gain since Russia’s invasion of Ukraine in early 2022, highlighting the sensitivity of global energy markets to geopolitical instability.

Embedded CNBC Chart: Crude oil prices

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International

Bourse européenne : Chute face aux tensions Iran-États-Unis

by Omar Benali International
written by Omar Benali International

Middle East Conflict Sends Shockwaves Through Global Markets

LONDON — Escalating tensions in the Middle East are triggering a sell-off in global markets, as fears mount over a prolonged conflict between the United States and Iran. European stocks tumbled Tuesday, extending losses from the previous day, while oil prices surged amid concerns about potential disruptions to vital shipping lanes.

The pan-European Stoxx 600 index was down 1.8% by mid-morning in London, with banking, insurance, and utilities sectors leading the decline. Even aerospace and defense stocks, typically seen as beneficiaries of geopolitical instability, shed value. Germany’s DAX and Italy’s FTSE MIB indexes also experienced significant drops.

The market turmoil follows strikes across Iran, including in the capital Tehran, on Monday. The United States and Israel are actively involved in the escalating conflict, with the U.S. signaling that attacks could last weeks and intensify, according to the Associated Press.

Adding to the anxieties, Saudi Arabia’s defense ministry reported that two drones struck the U.S. embassy in Riyadh.

The conflict’s potential impact on global energy supplies is a major driver of market volatility. An Iranian Revolutionary Guard commander reportedly stated that the Strait of Hormuz – a crucial waterway for crude oil transport – is closed, threatening to ignite ships attempting passage, Reuters reported. This announcement sent crude oil prices soaring Monday, raising concerns about inflationary pressures.

Investors are flocking to safe-haven assets, with gold prices surging as a result of the risk-off sentiment. U.S. futures and Asian markets are also experiencing declines.

The situation remains fluid, and the long-term consequences of the conflict are uncertain. The lack of a clear end state to the conflict is fueling investor unease, as highlighted in a recent Los Angeles Times opinion piece.

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