European stocks rise on Strait of Hormuz hopes lift markets
European stock markets opened higher on Wednesday, buoyed by hopes for the reopening of the Strait of Hormuz, while investors remained cautious ahead of Nvidia's earnings release. In Paris, the CAC 40 gained 0.43% to 8,475.21 points, while Frankfurt's Dax slipped 0.03% and London's FTSE 100 rose 0.06%. The pan-European Stoxx 600 advanced 0.12%, with markets welcoming Tehran's announcement that Iran and Oman have resumed negotiations on managing the strait. Oil prices fell sharply on the news, with Brent dropping 2.33% to $86.52 per barrel and WTI losing 2.54% to $80.27. The fossil fuel sector posted the worst performance, down 1.2%, while investors also awaited Nvidia's quarterly results for clarity on AI investment concerns.