The day ahead in European and global markets is uncertain due to oil shortages, particularly in the Middle East, where oil is not being transported through the Strait of Hormuz. This has led to a surge in fuel prices, with half of Europe's jet fuel coming from the strait, sending prices to record highs of about $190 per barrel. Meanwhile, airlines across Asia have seen significant declines, with the Nikkei falling around 7%, South Korea 8%, and Taiwan falling around 5%. European share futures down anywhere form 1% to 3%, and Wall Street futures around 2%. Bond yields are up globally as investors hedge the risk of accelerating inflation, which could limit central banks' ability to act.