Oil price surge amid Middle East tension hits Greek market and Athens Stock Exchange

The United States reinstated a naval blockade of Iran and announced a 20% levy on all cargoes passing through the Strait of Hormuz. The move sparked a sharp rise in international oil prices, with Brent futures jumping more than 9% to about $83‑$85 per barrel and WTI climbing around 6‑9%. The price increase has heightened geopolitical risk premiums and pushed oil to its highest level in four weeks.

In Greece, the turbulence translated into modest volatility on the Athens Stock Exchange. The General Index closed virtually unchanged at 2,512.7 points, holding above the key 2,500‑point support despite a marginal 0.05% dip. Energy‑related shares such as Hellenic Energy, ELPE and Motor Oil posted gains of 3‑4% on the backdrop of higher oil prices, while major banks slipped 0.5‑1.5% and the broader FTSE 25 index edged down 0.05%. Analysts note that the market’s fundamentals remain intact and the recent swings are likely short‑lived.

The price pressure also threatens Greece’s planned consumer‑price reductions on basic goods, as higher energy and transport costs could erode the margins of retailers and manufacturers. Meanwhile, gold prices fell as rising oil and the prospect of sustained high U.S. interest rates reduced the metal’s appeal.

Overall, the renewed Middle East hostilities are feeding higher energy costs, modest equity market adjustments in Greece, and concerns over inflationary pressures on households.