European Stocks and Oil Prices Experience Volatility Amid Middle East Tensions
As the trading week began, the German Dax index recorded losses, closing at 23,269 points, a decline of 0.4 percent compared to the previous day’s trading. The index was weighed down by the shares of Munich Re, Brenntag and Sartorius, while RWE, Deutsche Telekom and Infineon’s stocks performed better.
Market analyst Andreas Lipkow attributed the market’s nervousness to the uncertainty surrounding the US’s future stance in the conflict between Israel and Iran. “The US pre-market is looking a bit lighter and this is also affecting the European stock markets” he said.
Oil prices, which are being closely watched as a barometer of the conflict’s impact, continued to fluctuate. A barrel of Brent crude was trading at $76.26 at 5 pm CET, a decline of 1.0 percent, or 75 cents, from the previous day’s close.
Meanwhile, the euro was stronger against the US dollar, with one euro equivalent to 1.1547 US dollars and one US dollar fetching 0.8660 euros.