Renewed geopolitical risks in the Middle East, specifically Iran's move to control the Strait of Hormuz, have sharply impacted global markets.

Brent crude oil surged over 5%, driven by concerns about potential supply disruptions in a critical oil transit route.

In contrast, Bitcoin and other cryptocurrencies showed resilience but still pulled back modestly, indicating a cautious investor stance amid uncertainty.

Meanwhile, European equity futures edged lower as risk aversion took hold.

Traders should monitor developments closely, as continued tension could sustain elevated oil prices and impact risk assets including crypto.