Brent crude surged more than six per cent to over $96 after the Strait of Hormuz was shut again, a move that could tighten global supply and fuel inflation concerns. The closure follows a brief opening last Friday and is linked by Tehran to the lifting of the U.S. blockade. The move comes amid escalating tensions in the Middle East that have already rattled markets. The benchmark jumped over 6% on Monday morning, pushing prices above $96. Losses in the FTSE 100 were offset by a two per cent rise from energy giant Shell and a three per cent jump from BP, which said last week it had an "exceptional" quarter in oil trading due to volatility. Analysts estimate that more than 600 million barrels of oil are now stranded behind the strait. A fresh report from Item Club projects inflation to reach near double the Bank of England's two per cent target this year. Neil Wilson, UK investor strategist at Saxo Markets, said the market reaction was "pretty clear‑cut but relatively muted – oil up, bond yields up, dollar catching some haven bid…broadly a reversal of the Friday relief rally." Tamas Varga, analyst at TP ICAP Group, added that the stranded volume "will do no favours for monetary policymakers, investors, or the average Joe, all of whom are already anxious about inflationary pressures and persistently elevated retail energy prices."