Europe midday: Shares, oil up as Hormuz deadlock continues

10th Aug 2026 11:14

(Sharecast News) - European shares and oil prices were higher at midday as the US appeared no closer to resolving the Strait of Hormuz impasse.

The benchmark Stoxx 600 index was up 0.16% to 661 at 1150 BST with most major bourses edging ahead. Brent crude was up 1.45% to $84.76 a barrel as Iran issued new conditions for the strait's reopening even as Tehran and Oman moved into the final stages of agreeing a deal on new shipping lanes through the key waterway.

Sentiment wasn't helped by comments from US Treasury Secretary Scott Bessent over the weekend, when he said the strait would become "irrelevant" as oil would eventually be redirected through pipelines, ignoring the threat to supplies by Iran-backed Houthi rebels in the Red Sea.

The Houthis also said they had hit Saudi Aramco's Jazan refinery on Sunday.]

In economic news, investor morale in the eurozone returned to positive territory in August and rose for a fourth consecutive month, helped by a sharp improvement in current economic conditions and continued confidence in the recovery, a survey showed on Monday.

The Sentix index for the euro zone rose to 0.9 points in August from -3.1 in July, compared with a forecast of -0.5.

There was a dearth of corporate-related news out on Monday. Plus500 shares rose on interim results revealing record revenues and more shareholder rewards.

Vistry fell sharply on a news report stated credit insurer Allianz Trade was reducing the cover it extends to the troubled housebuilder's suppliers.

Coca-Cola HBC fell after BNP Paribas cut its rating to 'neutral' from 'outperform'.

Reporting by Frank Prenesti for Sharecast.com