European stock markets fall and oil and gas prices jump 5% as strait of Hormuz ‘chaos’ worries investors – business live
Summary
European stock markets fell as concerns grew over disruptions in the Strait of Hormuz, a key route for oil shipments. Oil and gas prices rose by about 5%, increasing worries about energy supply and inflation in Europe. China’s president called for normal passage through the strait, but Iran said it would not join new peace talks after recent tensions with the US.Key Facts
- London’s FTSE 100 dropped 0.67%, Germany’s DAX fell 1.3%, and Italy’s FTSE Mib declined 1.1%.
- Oil and gas prices increased by around 5% due to fears about supply disruptions.
- Traffic through the Strait of Hormuz, a major oil route, has almost stopped.
- China’s President Xi Jinping urged keeping the strait open during talks with Saudi Arabia’s leader.
- Iran stated it has no plans to restart peace talks with the US after the seizure of an Iranian-flagged ship.
- The European Union plans new measures to manage jet fuel supplies and seek alternatives amid the crisis.
- Higher oil prices are causing inflation concerns and pushing UK mortgage rates higher, affecting housebuilders.
- Market analysts say the energy crisis is worsening and there is no clear solution yet.
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