European shares were mixed and oil rose at the open on Monday as talks between the US and Iran continued to stall.
The pan-regional Stoxx 600 index was down 0.02% to 610 at 0833 BST. Germany’s DAX gained 0.38%, France’s CAC 40 rose 0.19% and Italy’s MIB increased 0.23%, News.Az reports, citing Share Cast.
Brent crude rose to its highest level since the a ceasefire was agreed between Washington and Tehran on April 7, increasing 2.28% to $107.81 a barrel after US President Donald Trump cancelled plans to send US envoys Steve Witkoff and Jared Kushner for talks in Pakistan on Saturday.
However, news service Axios reported that Iran had tabled a new proposal to reopen the strait of Hormuz, and end the war, with nuclear negotiations postponed for a later date.
“We need to hear from the US to see if this plan will bear fruit and reopen the Strait, but as the conflict drags on, investors are getting worried about the impact on energy prices,” said XTB research director Kathleen Brooks.
“There are growing expectations that the oil price will remain higher for longer, as the blockade on the Strait enters its third week. Goldman Sachs has increased its Q4 oil price target to $90 per barrel, from $80, as disruption to production persists for the coming months.”
“The longer the blockade lasts for the bigger risk there is to Iranian oil fields. They differ from other wells in the region because they work on low pressure. If they are shut down due to the blockade and a lack of storage, it could cause permanent damage to Iran’s energy infrastructure.”
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