European stocks fell at the start of trading on Thursday, as oil prices briefly jumped back above $100 a barrel amid ongoing shipping disruptions caused by the war with Iran.
By 12:04 (11:04 GMT), the European Stoxx 600 index was down 0.4%, Germany's DAX index was down 0.2%, France's CAC 40 index was down 0.5%, and Britain's FTSE 100 index was down 0.5%.
Oil futures rose, extending a bout of volatility in crude prices despite the International Energy Agency's efforts to launch its largest-ever release from strategic oil reserves to help curb the volatility.
The United States also said it would tap into its own oil reserves, although analysts noted that these moves might only provide temporary relief - and that only the reopening of tanker traffic through the vital Strait of Hormuz would provide relief to markets deprived of key supplies.
A fifth of the world's oil supply flows through the narrow chokepoint in southern Iran, but shipping has virtually stopped as Tehran threatens to attack most vessels attempting to cross the strait.
Reports indicated that Iran had also planted sea mines, while the US Navy did not commit to escorting the ships due to safety concerns.
Traffic through the Strait of Hormuz came to a near standstill, disrupting oil flows, driving up crude prices, and raising concerns about potential inflationary pressures worldwide. Europe, as well as Asia, are major importers of oil and gas that transit the strait, making both regions vulnerable to the US-Israeli attack on Iran that has lasted for more than a week.
At 12:05, Brent crude futures, the global benchmark, rose 4.3% to $95.92 a barrel, while U.S. West Texas Intermediate crude rose 3.8% to $90.54 a barrel.
