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European markets head for another negative open as oil prices remain elevated
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Galaxy Globe bulk carrier and Luojiashan tanker sit anchored in Muscat, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 9, 2026.
Benoit Tessier | Reuters
LONDON — European stocks are set to see another negative day of trading as traders watch developments in the Middle East and reduced but still elevated oil prices.
The U.K.'s FTSE index is seen opening 0.5% lower, Germany’s DAX down 1%, France’s CAC 40 down 0.75% and Italy’s FTSE MIB 0.9% lower, according to data from IG.
It was a mixed picture from global markets overnight, with Asia-Pacific markets rebounding while U.S. stock futures fell.
Those moves came after oil prices pared gains after U.S. President Donald Trump told a CBS News reporter that “the war is very complete, pretty much,” but also signalled a readiness to act to keep the vital oil passage, the Strait of Hormuz, open.
Trump said he was considering seizing control of the strait, saying Iran would be hit harder if it did anything to stop oil flows through the strategic sea passage.
Oil prices plunged as much as 10% overnight after Trump’s comments, but remain elevated: Brent crude was down around 6.2% at $92.71 per barrel as of 5 a.m. London time on Tuesday. U.S. crude oil was down 6.5%% at $88.49 per barrel. The declines come after oil surged past $100 on Monday.
A spokesperson for Iran’s Ministry of Foreign Affairs told CNBC on Monday that oil tankers transiting the Strait of Hormuz “must be very careful.”
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VIDEO4:3804:38
Oil tankers transiting Strait of Hormuz “must be very careful,” Iran Foreign Ministry warns
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Earnings reports are due from Saudi Aramco, Volkswagen and Lindt. On the data front, Germany and French trade balance figures are due.
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