Traders work on the floor of the New York Stock Exchange at the opening bell, March 12, 2026.
Timothy A. Clary | Afp | Getty Images
LONDON — European stocks were trading broadly higher on Tuesday morning despite oil prices rising above $100 per barrel on resurgent supply concerns.
Shortly after the opening bell, the pan-European Stoxx 600 was up by 0.75%, with most sectors and major regional bourses in the green.
Utilities, autos, and oil and gas stocks led gains, while technology stocks and industrials lagged the broader index.
Meanwhile, oil prices jumped 4% on Tuesday as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.
“Mixed messages are coming from the Trump administration on the war’s duration, as the market focuses more on the actions on the ground that remain escalatory,” said Saul Kavonic, head of energy research at MST Marquee.
U.S. Treasury Secretary Scott Bessent told CNBC Monday that the U.S. is allowing Iranian oil tankers passage through the Strait.
But President Donald Trump was left “disappointed” after European leaders rejected calls for their countries’ involvement. Meanwhile, fresh attacks on Middle East energy infrastructure have compounded supply concerns.
As of 8:46 a.m. in London (4:46 a.m. ET), global benchmark Brent crude was 3.9% higher at $104.15 a barrel. U.S. West Texas Intermediate crude was up 4.4% to trade at $97.65 per barrel.
Traders’ attention is turning to central bank action this week with the U.S. Federal Reserve opening a two-day policy meeting on Tuesday.
The Fed has come under sustained pressure from Trump to lower interest rates, but the war on Iran means traders are forecasting a hold on interest rates from the central bank when it delivers its monetary policy decision on Wednesday.
Asian markets broadly rose overnight while U.S. stock futures fell.
