European Equities Hit Two-Month Low Amid Rising Oil Prices, Inflation Fears
European equities decreased to their lowest point in over two months as rising oil prices contributed to inflation concerns amid the Middle East conflict.
The STOXX Europe 600 recorded its third consecutive session of declines, falling 2.34% to 585.08 points by 0810 GMT.
Oil prices increased by more than 25%, approaching $120 a barrel, as concerns regarding shipping and supply disruptions affected markets due to the ongoing conflict in the Middle East.
Over the previous week, the index experienced a 5.5% decrease, marking its largest weekly decline in approximately one year.
European banking stocks saw a 3.2% decrease, while technology stocks declined by 3.1%. Individual airlines, Lufthansa and Air France KLM, reported decreases of 3.9% and 5.2%, respectively.