SHEL

Strait of Hormuz tensions renew pressure on Europe's oil market

Renewed tension around the Strait of Hormuz is putting Europe's oil market under fresh strain, just as relief from a US-Iran ceasefire had begun to ease prices. Traders are again pricing in the risk of disruption to tanker traffic through the strategic waterway, which carries a large share of the world's seaborne oil. The volatility threatens to reverse the brief calm European markets had enjoyed since the ceasefire took hold.