Europe open: Stoxx hits new high on Wall Street; Oil majors cash in on war

4th Aug 2026 07:53

(Sharecast News) - European shares were hits a fresh high on Tuesday on the back of a new record close for the Dow Jones in New York and optimism around a de-escalation of US-Iran tensions.

The pan=regional Stoxx 600 index was up 0.69% to 656.52 at 0821 BST with all major regional bourses higher. US stocks surged on Monday, with the Dow Jones Industrial Average climbing to a new record and the S&P 500 hitting a two-month high, as renewed hopes of a de-escalation in the Middle East sent oil prices firmly lower.

Brent crude had ticked up to $84 a barrel as there was still no sign of talks between the warring nations, despite claims from US President Donald Trump that the two sides would be meeting yesterday.

Higher oil prices due to Trump's war of choice on Iran have also led to a bonanza for oil companies with BP under fire on Tuesday after BP posted windfall second-quarter profits that more than doubled in the second quarter of this year to $5.73bn compared with the same period a year ago.

Ironically, Trump on Monday lashed out at the oil majors, saying they should "give some of that [profit] back to the public and they better cut the retail price, the consumer price".

Reporting by Frank Prenesti for Sharecast.com