European stocks close higher as oil prices spike back above $100

NoodlesOrTokens · 2026-03-18T07:32:39+00:00

European stocks rose 0.6% despite oil prices exceeding $100 due to supply concerns amid the Iran conflict. U.S. markets also showed gains, while focus shifts to the Federal Reserve's upcoming policy decisions.

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2026-03-18 07:32:39

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NBIM CEO: Surprised markets haven’t reacted more to Iran war

Squawk Box Europe

LONDON — European stocks finished trading broadly higher on Tuesday despite oil prices rising above $100 per barrel on resurgent supply concerns.

The pan-European Stoxx 600 closed the session 0.6% higher, with most sectors and major regional bourses in the green.

Utilities, insurance, telecoms, and oil and gas stocks led gains, while technology stocks and industrials lagged the broader index.

Meanwhile, oil prices rose as high as 4% before paring gains on Tuesday afternoon as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.

As of 4:35 p.m. in London (12:35 p.m. ET), global benchmark Brent crude was 1.5% higher at $101.66 a barrel. U.S. West Texas Intermediate crude was up almost 1.2% to trade at $94.58 per barrel.

“Mixed messages are coming from the Trump administration on the war’s duration, as the market focuses more on the actions on the ground that remain escalatory,” said Saul Kavonic, head of energy research at MST Marquee.

U.S. Treasury Secretary Scott Bessent told CNBC Monday that the U.S. is allowing Iranian oil tankers passage through the Strait.

But President Donald Trump was left “disappointed” after European leaders rejected calls for their countries’ involvement. Meanwhile, fresh attacks on Middle East energy infrastructure have compounded supply concerns.

Traders’ attention is turning to central bank action this week with the U.S. Federal Reserve opening a two-day policy meeting on Tuesday.

The Fed has come under sustained pressure from Trump to lower interest rates, but the war on Iran means traders are forecasting a hold on interest rates from the central bank when it delivers its monetary policy decision on Wednesday.

Asian markets broadly rose overnight, while U.S. markets were trading higher on Tuesday, with the S&P 500 last seen 0.3% higher, with the Dow Jones Industrial Average up 0.2%, as the Nasdaq Composite advanced almost 0.4%.

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