economy
European stocks close higher as oil prices spike back above $100
European stocks ended broadly higher on Tuesday as global markets keep a close eye on volatile oil prices.
TL;DR
- The pan-European Stoxx 600 closed 0.6% higher.
- Utilities, insurance, telecoms, and oil and gas stocks led the gains.
- Oil prices rose above $100 per barrel due to resurgent supply concerns.
- Uncertainty surrounds a potential U.S.-led coalition to protect shipping in the Strait of Hormuz.
- Fresh attacks on Middle East energy infrastructure have compounded supply concerns.
- The U.S. Federal Reserve's two-day policy meeting began Tuesday, with traders forecasting an interest rate hold.
- Asian and U.S. markets also traded higher.