The sustained volatility stems from the strategic importance of the Strait, a vital artery for international oil shipments. Investors are recalibrating portfolios to account for potential supply disruptions, driving a broad lift across the energy sector as geopolitical risk premiums return to the crude market.

Separately, BP confirmed a shift in its leadership hierarchy, appointing Ian Tyler as permanent chairman. The move signals a pivot toward organizational stability following the abrupt departure of his predecessor, Albert Manifold, earlier this year. The board opted for internal continuity to navigate the company through a period of heightened market sensitivity and external operational pressures.