An ADNOC liquefied natural gas tanker has crossed the Strait of Hormuz for the first time since the Iran war began, according to ship-tracking data reported by Reuters. The crossing represents the first LNG shipment to exit the strategic waterway since the conflict started.

The Strait of Hormuz remains largely closed to shipping traffic, contributing to disruptions in Middle Eastern energy exports. Fertilizer production has also been affected, with urea output slumping due to a lack of ships available to load the product.

Oil prices have climbed as markets react to the ongoing conflict and its impact on energy supplies. The price increases have translated into significant profits for major oil companies, with BP reporting quarterly earnings that more than doubled compared to previous periods.

BP attributed its exceptional performance to strong results from its oil trading business, which capitalized on market volatility triggered by the Middle Eastern conflict. The energy giant's profits exceeded analyst expectations as fuel prices remained elevated.

Meanwhile, diplomatic efforts continue as the Trump administration weighs an Iranian proposal to end the war. A US official indicated that President Trump was not satisfied with Iran's latest peace offer, though specific details of the proposal were not disclosed.

European markets showed positive movement as investors monitored potential diplomatic developments and Trump's consideration of Iran's peace proposal. Oil markets remained volatile as traders assessed both the shipping situation in Hormuz and the prospects for diplomatic resolution.