Global markets plunged on Sunday evening (April 12) following the collapse of U.S.-Iran negotiations in Islamabad and heightened fears of escalation over the critical Strait of Hormuz.
U.S. crude futures surged by 9.2% to $105 per barrel, while Brent crude climbed to approximately $102 per barrel. Stock market futures also declined sharply, with the S&P 500 and Dow Jones indices each dropping 1%.
The turmoil intensified as statements from U.S. President Donald Trump regarding potential blockades of the Strait of Hormuz triggered a sharp spike in European gas prices. Dutch TTF natural gas futures soared by 18% to €51 per megawatt hour, later adjusting to €49.5 after trading hours expanded to 21 hours daily from their previous 10-hour schedule.
Additionally, Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), warned that oil prices could reach $150 per barrel as early as April 13. He emphasized that prolonged closure of the Strait of Hormuz would exacerbate energy shortages and deepen crises across Europe and the United Kingdom.
