Brent crude oil surpassed $85 a barrel for the first time in a month, driven by U.S. attacks on Iran and a renewed blockade on its trade. This escalation has fueled concerns about disruptions in the Strait of Hormuz. President Trump announced a 20% cargo shipment fee for trips transiting the strait, intended to offset U.S. protection costs.

In equity markets, U.S. tech futures showed gains following Monday's sell-off, though S&P 500 futures saw a slight decline. This mixed performance mirrors a modest recovery in Asian AI-related stocks. Investors are keenly awaiting U.S. consumer price index data and Kevin Warsh's congressional testimony. The inflation figures and Warsh's reaction will influence expectations regarding the Federal Reserve's interest rate policies. The dollar remained stable ahead of these releases.

Several major Wall Street banks, including JPMorgan and Bank of America, are scheduled to report earnings. Early European trading saw Brent crude rise 3.5% to $86.23, with West Texas Intermediate up 3.2% to $80.65. Analysts at ING noted the blockade's significant market impact, stating the previous suspension of sanctions waivers now appears less relevant.