Overview
- The U.S. Navy seized the Iranian cargo ship Touska in the Gulf of Oman on Sunday after opening fire, a move Tehran labeled armed piracy and vowed to answer.
- Brent jumped about 5.9% to $95.70 a barrel and WTI rose 6.4% to $89.22, reflecting how threats to the Strait of Hormuz, a route for roughly one‑fifth of global oil and gas, quickly push energy costs higher.
- European stock indexes fell by about 1% to 1.4% and government borrowing costs rose, with German 10‑year yields near 2.99% and France at 3.63% as investors priced the risk of higher inflation from costlier fuel.
- A U.S. delegation led by Vice President J.D. Vance was set to travel to Pakistan to restart talks, but Iran said it would not take part.
- With the truce due to lapse Wednesday evening U.S. time, European trading opened Tuesday on a cautious note and oil eased slightly yet stayed near the mid‑$90s.