European stock markets opened higher on Tuesday, mirroring advances in Asian equities, after U.S. President Donald Trump said the conflict in Iran would be over “very soon.”
Track European stocks with InvestingPro By 04:05 ET (08:05 GMT), the pan-European Stoxx 600 had climbed by 1.8%, the Dax in Germany had gained 2.1%, the CAC40 in France had moved up 1.9%, and the FTSE 100 in the UK had risen 1.4%.
On Monday, Trump suggested in a press conference that the U.S. campaign in Iran may soon come to a conclusion, although he warned that he may escalate attacks on Tehran’s should oil slows be stemmed through the vital Strait of Hormuz waterway.
Iranian leadership, meanwhile, vowed to continue its own bombardments and not allow oil flows through the strait, through which a fifth of the world’s oil supply passes.
Oil prices, which gyrated wildly in the prior session as traders reacted to both fears and hopes for an easing in the fighting in the joint U.S-Israeli assault against Iran, were lower.
At 04:06 ET, Brent crude futures, the global benchmark, had dropped to $90.84 a barrel, while U.S. West Texas Intermediate crude futures slipped to $86.54 a barrel.
Global bond yields edged down as well, as the oil price decline helped soothe some jitters that a crude shock could fuel a spike in inflationary pressures.
