Oil prices headed for weekly gains as of Friday, despite the U.S. issuing a 30-day license for countries to buy Russian oil and petroleum products at sea.
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LONDON — European stocks are expected to start the new trading week in positive territory despite the ongoing unrest in the Middle East and elevated global oil prices.
The U.K.’s FTSE index is seen opening 0.26% higher, Germany’s DAX and France’s CAC 40 up 0.2% and Italy’s FTSE MIB 0.4% higher, according to data from IG.
The U.S. and Israel’s military operation against Iran remains the key focus for global markets. U.S. crude prices climbed Sunday evening, topping $100 per barrel again, as the White House weighed military strikes on Iran’s key 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. stock futures rose slightly as Wall Street tried to recover from another losing week.
Central banks are in focus this week with the U.S. Federal Reserve, European Central Bank and Bank of England all holding policy meetings. However, the Middle East conflict has put a brake on any expectations for movement on interest rates.
No earnings or data releases are due in Europe on Monday.