BRUSSELS (dpa-AFX) - French stocks drifted lower on Friday amid rising concerns about Middle East tensions. With the Strait of Hormuz remaining effectively closed, oil prices climbed higher, raising worries about inflation and possible monetary tightening by central banks.
Tensions rose after Iran flaunted its tightened grip over the key Strait of Hormuz and U.S. President Donald Trump said he has ordered the Navy to 'shoot and kill any boat' that is putting mines in the waters of the Strait of Hormuz.
Trump said the United States is not rushing to resolve the conflict with Iran, describing Iran's leadership as being in turmoil.
According to media reports, Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from U.S. negotiations, signaling a shift toward hardline unity.
The benchmark CAC 40, which drifted down to 8,116.95, was down 76.10 points or 0.91% at 8,151.22 a few minutes ago.
EssilorLuxottica and ArcelorMittal lost 3.4% and 3.3%, respectively. Renault drifted down 3.1% and Stellantis shed about 3%.
Safran fell 2.7% despite strong Q1 revenue and an upbeat full-year outlook.
Capgemini, Thales, Hermes International, Vinci, Airbus, BNP Paribas, Eiffage, Societe Generale, Credit Agricole, Kering, Schneider Electric, Orange and Saint Gobain lost 1%-2.7%.
Bureau Veritas climbed 1.8%. TotalEnergies gained 1.5% and STMicroelectronics moved up 1.35%. Air Liquide and Carrefour posted moderate gains.
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