European Shares Flat, Oil Rises Amid Stalled US-Iran Talks; Dublin, London, New York Markets Vary

European shares closed flat on Monday, impacted by a drop in luxury stocks and investor caution due to stalled US-Iran peace negotiations, which also drove oil prices higher. Brent crude futures rose 2.8 per cent, fueling inflation concerns after US President Donald Trump rejected Iran’s peace proposal, dashing hopes for an imminent reopening of the Strait of Hormuz.

In Dublin, the Irish market fell 0.7 per cent, with Kerry Group down 2.2 per cent and Glanbia declining 0.56 per cent. Ryanair shed 2 per cent. Banking shares climbed, with Bank of Ireland up almost 1 per cent and AIB gaining 0.15 per cent. London’s FTSE 100 rose 0.36 per cent, boosted by mining shares and Airtel Africa, which hit a record 14.5 per cent gain. Anglo American and Rio Tinto rose 3.9 per cent and 3.3 per cent, respectively. The midcap FTSE 250 slipped 0.18 per cent.

The pan-European Stoxx 600 was little changed. Italian stocks rose 0.8 per cent, while France’s Cac 40 slipped 0.7 per cent. Luxury stocks, including LVMH (down over 4.4 per cent) and Hermes and Burberry (both down over 3.3 per cent), led declines. Delivery Hero jumped over 18 per cent after Prosus sold a 5 per cent stake to Aspex Management for approximately €335 million.

US equities advanced midmorning, with the S&P 500 rising 0.2 per cent, led by energy and materials sectors. Nvidia contributed significantly to the gain. Qualcomm and Micron Technology also performed well. The Nasdaq 100 edged up 0.1 per cent, and the Dow Jones Industrial Average was little changed. Morgan Stanley warned that oil prices could rise sharply if the Strait of Hormuz remains closed into June.