European stock markets rose as oil prices fell and the United States and Iran moved closer to an agreement to end their conflict. Italy's stock market reached a record high.
The Euro Stoxx 50 index gained, erasing its losses since the outbreak of the Iran conflict in late February, before paring some of its advance to close up 2%. The Stoxx Europe 600 index increased by 1%, marking its sixth consecutive day of gains and its longest winning streak since October. Energy stocks underperformed as Brent crude oil prices fell as much as 6.4% to $96.90 per barrel.
Italy's benchmark stock index surpassed its previous all-time closing high set in 2000, driven by recent strong gains in energy and semiconductor stocks to set a new record. The FTSE MIB index rose by 1.4%.
Delivery Hero SE shares surged 12% after the company received a takeover offer from Uber, valuing the German food delivery firm at approximately 100 billion euros ($116 billion).
Markets in the United Kingdom, Denmark, Norway, and Switzerland were closed for a holiday. U.S. spot trading was also closed in observance of Memorial Day.
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