BRUSSELS (dpa-AFX) - German stocks tumbled on Thursday as concerns about the impact of Middle East conflict came to the fore again as oil prices climbed higher on potential supply disruptions after U.S. President Donald Trump vowed more strikes on Iran.
Trump, who did not gave a timeline for ending the conflict, offered no plan to reopen the Strait of Hormuz, but pledged further strikes on energy facilities in the event of Tehran rejecting a deal.
Brent crude futures climbed to nearly $109 a barrel, gaining about 7.7%, triggering inflation and rate hike concerns.
The benchmark DAX was down 365.63 points or 1.57% at 22,909.54 a few minutes before noon.
Deutsche Telekom tumbled 5.6%. Infineon Technologies shed 4.8% and Siemens Energy drifted down 4.5%. Deutsche Bank declined 3.7%, while Commerzbank and Heidelberg Materials lost 3.2% and 3.1%, respectively.
Siemens, MTU Aero Engines, Gea Group, Merck, Bayer, SAP, Deutsche Post, Adidas, Henkel, Fresenius, Siemens Healthineers, Zalando, Fresenius Medical Care and Allianz lost 1%-2.7%.
E.ON, BASF, Deutsche Boerse and Brenntag posted modest gains.
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