Oil prices are heading for a weekly rise starting Friday, despite the United States issuing a 30-day license for countries to buy Russian oil and petroleum products offshore.
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LONDON — European stocks regained some ground Monday morning as investors continued to weigh on ongoing unrest in the Middle East and rising global oil prices.
The pan-European Stoxx 600 rose 0.77% in afternoon trading, with most major exchanges and sectors in the green.
United Kingdom FTSE 100 increased by 0.9%, in Germany DAX is up 1%, and that of France CAC40 was up 0.67%. Italy MIB FTSE was last seen up 0.6%
Commerzbank shares jumped 8.8% on news that UniCredit launched an offer to increase your participation in the German bank to more than 30%, a key regulatory hurdle that could pave the way for a full takeover offer.
The Italian lender’s offer is expected to carry a premium of around 4% over Commerzbank shares. UniCredit shares were last seen up 0.8%.
The military operation led by the United States and Israel against Iran remains the main concern of global markets. American crude prices rose on Sunday evening, exceeding 100 dollars per barrel again before falling to $95 at market open Monday as the White House considered military strikes on Iran’s main oil export facilities on Kharg Island.
President Donald Trump said in an interview with the Financial Times published on Sunday that his planned trip to China later this month could be delayed as Washington seeks to pressure Beijing to help reopen the Strait of Hormuz.
Asia-Pacific Markets fell overnight while U.S. markets rose as Wall Street tried to recover from another losing week.
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