European markets head for positive open as oil prices remain elevated
CNBC
European stocks are set to rebound as traders continue to watch developments in the Middle East.
LONDON — European stocks look set to open notably higher on Tuesday, as traders watch developments in the Middle East and reduced but still elevated oil prices.
Futures tied to the pan-European Stoxx 50 were last seen up 1.3%, while those tied to the French CAC 40 and Germany's DAX index were 1.5% and 1.2% higher respectively. FTSE 100 futures were 0.5% higher at 6:23 a.m. in London (2:23 a.m. ET), while futures tied to Italy's FTSE MIB jumped 1.8%.
It was a mixed picture from global markets overnight, with Asia-Pacific markets rebounding while U.S. stock futures fell.
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,
European stocks are expected to start the new trading week firmly in negative territory.
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Gold prices rose on Monday after the U.S. and Israel launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global uncertainty.
Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.
European markets finished mixed as more earnings reports and economic data were in focus.