Oil prices climbed over 4% on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures settled at $76.

"The fact remains that Russia was unable to prevent a mass strike by Israel on a country with which five months ago [Russia] signed a comprehensive strategic partnership. "Clearly Moscow is not prepared to go beyond political statements condemning Israel, it's not ready to provide Iran with military assistance."

Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.