Overview

• Global Brent crude futures jumped around 10% to settle near $75 per barrel after new hostilities opened between Israel and Iran.
• Italy’s average self-service gasoline price climbed to €1.707 per liter and diesel to €1.605, returning above their two-week highs.
• ENI, IP and Q8 applied cent-level increases on Saturday, raising recommended pump prices by one cent for gasoline and two cents for diesel.
• Traders warned that any attempt by Iran to block the Strait of Hormuz could disrupt about 20% of global oil shipments.
• Major Asian bourses rose and European markets opened modestly higher, with Paris up 0.4%, Frankfurt 0.2% and Milan 0.5% despite volatility.