World Bank Energy Price Index

Crude prices continued to whipsaw as markets weighed how long the conflict with Iran will keep global oil flows constrained, and the volatility in energy dragged U.S. equities further off their record highs.

With the Strait of Hormuz still closed to tanker traffic, oil prices pushed higher again; analysts cautioned that U.S. fuel costs, which had eased slightly, could spike anew if the chokepoint stays shut.

European gas benchmarks dropped roughly 8% after signs of de-escalation between the U.S. and Iran calmed supply fears, though unusually low storage levels across Europe keep winter price risk on the table.