ANSA Economia26 minutes agoBusiness1 min readItaly

European stock markets down, oil and gas prices soar due to US-Iran tensions

Quick Look

European stock markets close in negative due to growing tensions between the US and Iran.
Brent exceeds 100 dollars a barrel and gas reaches three-year highs.
Banking and luxury stocks are down, while the oil sectors are growing.

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Why It Matters

Tensions between the US and Iran have caused a rapid increase in the prices of energy raw materials. This scenario is having a negative impact on European stock prices.

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The main European stock markets remain in the red with US futures negative. Milan and London (-0.9% both) fell less than Madrid (-1.8%), Paris (-1.55%), Frankfurt (-1.4%) and London (-0.95%). The worsening of tensions between the USA and Iran push Brent above 100 dollars a barrel (+2.7% to 100.54 dollars), US oil above 95 dollars (WTI +2.66% to 95.5 dollars a barrel) and gas to a 3-year high above 78 euros. On the TTF exchange in Amsterdam, futures contracts for the month of October gain 3.23% to 78.28 euros per MWh. The spread between German 10-year BTPs and Bunds stands at 82.8 points, with the Italian annual yield growing by 5.3 points to 4.23%, the German one by 4.1 points to 3.4% and the French one by 6 points to 4.29%.

The losers are the banking companies BNP (-1.8%), Unicredit (-1.55%), Bper (-1.5%) and Intesa (-1.05%). More cautious MPS (-0.7%), Banco BPM (-0.5%), Commerzbank and Mediobanca (-0.1% both). Difficulties also for luxury with Richemont (-3.9%), Kering (-2.85%), LVMH (-2.8%), Ferragamo (-2.5%) and Cucinelli (-1.7%), positive for the oil companies Repsol (+2.15%), Eni and BP (+1.9% both), TotalEnergies (+1.1%) and Shell (+0.75%).

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