BRUSSELS (dpa-AFX) - German stocks climbed notably higher Monday morning amid rising optimism about a potential U.S.-Iran peace deal that could result in the reopening of the Strait of Hormuz.
According to a statement released on Sunday, the Islamic Revolutionary Guard Corps (IRGC) announced that 33 commercial vehicles and oil tankers passed through the Strait of Hormuz over the past 24 hours under the coordination and security supervision of the IRGC Navy.
Oil prices fell to two-week lows, contributing significantly to the positive mood in the market. Brent crude futures slipped to $98.37 a barrel, losing about 5%.
The benchmark DAX was up 301.45 points or 1.23% at 25,229.84 about half an hour before noon.
MTU Aero Engines climbed 5.7%. Daimler Truck Holding rallied 3.5% and Heidelberg Materials moved up nearly 3%. Zalando gained 2.85%, while Continental, Siemens Energy, Deutsche Bank, Siemens and Commerzbank advanced 2%-2.5%.
Mecedes-Benz, Infineon Technologies, Volkswagen, Vonovia, GEA Group, Porsche Automobil Holding, BMW, Adidas, Siemens Healthineers, Beiersdorf, Deutsche Post, E.ON and RWE gained 1%-2%.
Fresenius, BASF, Deutsche Boerse, Scout24, Rheinmetall, Symrise and Deutsche Telekom shed 0.4%-1.2%.
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