Europe open: Shares down, oil up as Trump pause on Iran falls flat

27th Mar 2026 07:38

(Sharecast News) - European shares were lower at the open on Friday as traders took a dim view of US President Donald Trump's latest pause on attacking Iran's energy infrastructure.

The pan-European Stoxx 600 index was down 0.2% to 579 at 0815 GMT. Oil prices remained elevated, with benchmark Brent crude above $109 a barrel indicating that Trump's claim that ceasefire talks with Tehran were "going very well" wasn't resonating with the market.

Trump extended his deadline for Iran to open the strait of Hormuz by 10 days to April 6 April. Iran has denied Washington's insistence that it is "begging to make a deal", as the US president stated.

"On a day-to-day basis, oil traders are scrambling to unpick the mixed messages coming through social media and interview between the warring parties on the possibility of de-escalation," said Interactive Investor head of markets Richard Hunter.

"At the same time, though, the current travel of direction is clear - the oil price has risen by 79% so far this year, and by 50% since the beginning of the conflict.

"The tentacles are already spreading through to energy prices, consumer sentiment, business investment and travel. Some countries, such as many of those in Europe and Asia, are net importers of energy and therefore worst hit, whereas the US is a net exporter and is therefore suffering rather less by comparison - for the time being."

In equity news, shares in French spirits maker Pernod Ricard rose, having closed the previous session almost 6% lower, after it confirmed discussions on a possible merger with Jack Daniel's owner Brown-Forman.

Reporting by Frank Prenesti for Sharecast.com