European markets set to slump on Middle East turmoil as oil price surges
CNBC
European stocks are expected to start the new trading week heavily lower as traders track developments in the Middle East and a surge in oil prices.
LONDON — European stocks are expected to start the new trading week heavily lower as traders track developments in the Middle East and a surge in oil prices.
The U.K.'s FTSE index is seen opening 0.9% lower while Germany's DAX is seen down 2.67%, France's CAC 40 down 2.3% and Italy's FTSE MIB 2.7% lower, according to data from IG.
European investors are waking up to more turbulence in global markets on Monday as oil prices rose on Sunday to over $110 per barrel for the first time since 2022, when Russia invaded Ukraine.
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.