Brent ‌crude futures jumped over $3.00 to $86.36 a barrel, its highest level since mid-June

Stocks moved back into negative territory after wobbling between gains and losses as oil hit one-month highs on Tuesday after the U.S. president said Washington was ‌reinstating its blockade of Iranian shipping and would collect a 20% fee on the Strait of Hormuz cargo traffic.

Brent ‌crude futures jumped over $3.00 to $86.36 a barrel, its highest level since mid-June.

European shares opened lower as escalating Iran-U.S. tensions spooked investors, scrutinizing quarterly earnings from companies such ​as oil major BP and telecom equipment maker Ericsson to gauge the war’s impact on corporate health.

The pan-European STOXX 600 index slid 0.7%, dragged down by travel and leisure which was last down 2.4%.

Following a volatile trading session in Asia, MSCI’s broadest index of world shares edged into the negative as Europe opened lower.

Markets enter Tuesday at an important inflection point as investors balance three competing forces: renewed geopolitical tensions ⁠in the Middle East, the start of the second-quarter earnings season, and June U.S. inflation data, said Bruno Schneller, managing partner at Zurich-based Erlen Capital Management.

These events are likely to determine whether the recent rally broadens further or becomes more selective, he added.

Chinese shares surged in earlier trading after export and import data for June released on Tuesday surpassed economists’ expectations. They closed 2.15% ‌higher.

South Korean shares gained 0.7%. Stocks in Taiwan dropped 1.42% on the ​day.

China’s exports and imports surged to the highest levels since the pandemic-skewed 2021, ​as the tech boom supports growth on both fronts, ​ING analysts wrote in a research note.

In Tokyo, the Nikkei 225 ‌closed around 0.7% higher after Finance Minister Satsuki Katayama said Japan may consider adjusting the strategy of the ​giant Government Pension Investment Fund if the investment environment changed sharply, without giving further detail.