European Shares Make Gains Amid Oil Price Surge and Iran Conflict Impact

European shares rose slightly on Tuesday despite facing their worst monthly performance since 2022. The rise came amid a record surge in oil prices driven by the Iran conflict. Markets reacted to reports about potential U.S. military withdrawal and ongoing concerns about inflation and growth due to energy disruptions.

European shares saw modest gains on Tuesday, yet faced the prospect of their worst monthly decline since 2022. The situation comes as oil prices surged to record levels, attributed to ongoing tensions from the Iran conflict.

Markets found some relief following a Wall Street Journal report indicating that President Trump might consider ending the military campaign against Iran, despite the possible continued closure of the Strait of Hormuz. The geopolitical conflict has created significant instability and raised alarms of a potential global recession.

The shockwaves have extended to inflation figures, with Brent crude and U.S. West Texas Intermediate futures noting significant gains. Concerns about prolonged disruptions in energy markets remain, with European Union officials warning of continued volatility. Meanwhile, global currency and gold prices showed mixed reactions amid the fluctuating market scenarios.

(With inputs from agencies.)