LONDON — European stock markets ended mostly higher on Tuesday, even as renewed supply concerns pushed oil prices above $100 a barrel.
pan-european Stocks 600 Most sectors and major regional stock exchanges closed in the green, closing 0.6% higher.
Utilities, insurance, communications, and oil and gas stocks led the gains, while tech and industrial stocks lagged the broader index.
Meanwhile, oil prices rose as much as 4% before paring gains on Tuesday afternoon as uncertainty remained over the US-led coalition to protect ships transiting the Strait of Hormuz.
As of 4:35 PM London (12:35 PM ET), World Standards brent Crude oil prices rose 1.5% to $101.66 per barrel. us west texas intermediate Oil prices rose nearly 1.2% to trade at $94.58 per barrel.
“There are mixed messages from the Trump administration regarding the duration of the war as markets continue to focus on escalating actions on the ground,” said Saul Kavonic, head of energy research at MST Marquee.
U.S. Treasury Secretary Scott Bessent told CNBC on Monday that the United States is allowing Iranian oil tankers to pass through the strait.
But President Donald Trump was “disappointed” after European leaders rejected calls for their countries to join. Meanwhile, new attacks on energy infrastructure in the Middle East are exacerbating supply concerns.
Traders’ eyes will be on the central bank’s actions this week, as the U.S. Federal Reserve holds a two-day policy meeting on Tuesday.
The Fed is under sustained pressure from President Trump to cut interest rates, but due to the war with Iran, traders expect rates to remain unchanged when the central bank announces its monetary policy decision on Wednesday.
Asian markets were mostly higher overnight, while US markets were higher on Tuesday. S&P500 It was last seen 0.3% higher. Dow Jones Industrial Average 0.2% increase Nasdaq Composite It rose almost 0.4%.
