European stock markets opened 2% lower amid tensions in the Middle East.

European stock markets opened 2% lower after oil prices surged above $110 per barrel amid tensions in the Middle East and the closure of the Strait of Hormuz.

March 9, 2569 at 15.15:XNUMX a.m., CNBC reported that European stock markets opened the new trading week with sharp declines. Investors are closely watching the tense situation in the Middle East and the rapidly rising oil prices.

Stoxx 600 Index Europe's major stock indices fell by about 2.3% in early trading in London, with almost all major markets declining and every industry sector facing selling pressure except for oil and gas. The UK FTSE 100 index decreased by 1.3% while German DAX decreased by 2.5% French CAC 40 decreased by 2.2% and FTSE MIB of Italy Decreased approximately 2.8%

European investors have faced volatility in global financial markets since the beginning of the week after oil prices surged above $110 per barrel for the first time since 2565, when Russia invaded Ukraine.

The surge in oil prices came after major oil-producing countries in the Middle East, including Kuwait, Iran, and the United Arab Emirates, cut production following the closure of the Strait of Hormuz, a vital global energy transport route.

Meanwhile, U.S. President Donald Trump posted on the Truth Social platform on Sunday that the short-term rise in oil prices was a small price to pay to defuse Iran's nuclear threat, adding that only fools would disagree.

Asian stock markets fell sharply overnight, while U.S. stock futures also declined, as investors worried that soaring energy prices could have a significant impact on the U.S. economy.

In another development, Iran has appointed Mojtaba Khamenei as its new Supreme Leader, according to reports from the Associated Press and Reuters, citing Iranian state media.

refer : www.cnbc.com

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