The day ahead in European and global markets is uncertain as there is no clear end to the U.S.-Israeli war with Iran and the Strait of Hormuz remains closed, leading to a surge in oil prices. Investors were quick to sell stocks and buy U.K. dollars in the hope of increasing oil prices, but these moves were reversed after President Donald Trump's speech. He called for countries that rely heavily on Gulf oil to take the lead in reopening the waterway, which has created what some have called the worst global energy shock in history. Brent crude futures are now above $100 a barrel, while U.N. stock futures and European futures are also down by more than 1%.