Brent North Sea crude rose more than 3% at one point, reaching almost $117 per barrel as the entry of Houthi rebels into the Iran war stoked fears of further supply disruptions and added risk to shipping routes through the Red Sea.

BP shares gained about 2%, outpacing the broader European market and heavyweight energy peers as investors sought shelter in oil majors expected to benefit from higher benchmarks and wider margins.

The escalation, including reported Houthi missile and drone strikes and discussion of potential U.S. ground operations near Kharg Island, has raised concerns over chokepoint closures and prompted Saudi Arabia to reroute exports away from the Strait of Hormuz.