European equity indices dropped sharply, with Stoxx 600 down 1.6%, DAX down 2.5%, CAC 40 down 1.5%, FTSE 100 down 0.7%.
Brent crude surged over 8% to above $109 per barrel, reviving fears of prolonged supply disruption through the Strait of Hormuz.
Shell entered advanced talks with Venezuela to develop ~20 trillion cf of gas, routing it to Trinidad for LNG processing despite ownership hurdles.
Ryanair CEO warned of jet‑fuel supply risks from June, possible flight cancellations, while Lufthansa flagged early supply tightness, especially in Asia.