European Stocks Post Largest Weekly Gain in Nearly a Year Amid Reports of Iran Drafting Strait of Hormuz Plan

Deep News04-03

European equities recovered most of their intraday losses on Thursday, recording the largest weekly gain in nearly a year, following reports that Iran is drafting an agreement with Oman to monitor traffic through the Strait of Hormuz. The Stoxx Europe 600 index closed down 0.2%, after having fallen as much as 1.6% during the session. The index rose 3.7% for the week, its largest increase since April 18, 2025. Sectors including healthcare and real estate turned positive on the last trading day before a long weekend after Iran's official Islamic Republic News Agency reported on the plan concerning the Strait of Hormuz. Energy and utilities sectors extended previous gains, with oil majors Shell and BP Plc leading contributions to the benchmark index, each rising as much as 4% and 5% at one point. A basket of European airline stocks compiled by UBS Group fell sharply, with shares of Deutsche Lufthansa dropping as much as 5.4%, after Morgan Stanley downgraded the stock, citing the potential for prolonged high fuel costs due to conflicts in the Middle East. Additionally, Stellantis NV outperformed other automakers.

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