Worldwide stock markets closed lower on Tuesday as rising oil prices and geopolitical tensions raised concerns about inflation and higher borrowing costs. In London, the FTSE 100 index fell 0.3% to 10,789.28, while the FTSE 250 dropped 1.7% to 24,521.29. European markets also declined, with the CAC 40 in Paris down 0.4% and the DAX 40 in Frankfurt ending 1.1% lower. In the U.S., the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all fell by 0.4% to 0.7%, respectively. The decline followed a sharp rise in oil prices after reports of "unknown projectiles" hitting two oil tankers in the Strait of Hormuz. This event heightened fears of renewed conflict between the U.S. and Iran, which has been effectively blocking the strait since late February. In response, the U.S. has imposed its own blockade on Iranian ports. At the time of Tuesday’s London market close, Brent crude oil was priced at $92.48 per barrel, up from $88.06 the previous Friday. The increase in oil prices has raised inflation concerns, leading to upward pressure on global bond yields. In the U.S., the yield on the 10-year Treasury note rose to 4.77%, up from 4.68% the previous week, while the 30-year yield climbed to 5.25%. In the UK, the yield on 10-year government bonds (gilts) reached 5.22%, a record high not seen in 18 years, and the 30-year gilt yield hit 5.85%, last recorded in 1998. The British pound weakened against both the U.S. dollar and the euro, with the pound falling to $1.3527 and €1.1669, respectively. In London, higher oil prices benefited energy companies like BP and Shell, which rose 5.2% and 2.6%, respectively. However, falling gold and metal prices hurt mining firms such as Endeavour Mining, Antofagasta, and Fresnillo. Gold prices dropped to $4,364.48 per ounce, down from $4,540.70 the previous week. Reckitt Benckiser rose 4.4% after news that no jury verdicts were outstanding in litigation related to its baby formula division, Mead Johnson. Meanwhile, Bodycote and Capricorn Energy saw strong gains after takeover offers were announced. Looking ahead, Wednesday’s economic calendar includes a key interest rate decision in Canada and U.S. data on ADP payrolls, factory orders, and the Federal Reserve’s Beige Book. In the UK, companies like Cairn Homes and TT Electronics will release their half-year financial results.