BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks closed higher on Monday, and several markets climbed to multi-month highs amid rising optimism about Iran and the United States reaching a peace deal that could result in the reopening of the Strait of Hormuz.
A sharp fall in crude oil prices helped ease concerns about inflation and growth.
U.S. President Donald Trump said on Saturday that an agreement with Iran has been 'largely negotiated' and details will be announced soon. However, later on Sunday, Trump told his representatives not to rush into any deal with Iran.
A U.S. official reportedly said that both the sides have in principle agreed to reopen the Strait of Hormuz and that Tehran has agreed to dispose highly enriched uranium.
Israeli Prime Minister Benjamin Netanyahu posted on X that any final agreement would require dismantling Iran's nuclear enrichment facilities and removing enriched nuclear material from its territory.
Iran's President Masoud Pezeshkian on Sunday said that Tehran is 'ready to reassure the world that we are not seeking nuclear weapons.'
The pan European Stoxx 600 climbed 1.04%. Germany's DAX and France's CAC 40 moved up 2.01% and 1.76%, respectively. The UK market remained closed for Bank Holiday. The Swiss market was also closed for a public holiday.
Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Türkiye closed higher, while Russia ended weak.
In the German market, MTU Aero Engines rallied more than 6%. Infineon, Daimler Truck Holding, Zalando, Deutsche Bank, Heidelberg Materials, Siemens Energy and Siemens gained 3%-4.5%.
Commerzbank moved up nearly 3%. Gea Group, Adidas, Vonovia, Continental, Siemens Healthineers, SAP, Volkswagen, Allianz, BMW, Mercedes-Benz, RWE, Hannover RE, Merck, Munich RE and Rheinmetall gained 1%-2.3%.
Deilvery Hero shares soared about 10%, lifted by an announcement that the company had received a takeover offer from Uber of Euro 33 per share, valuing the company's market capitalization at over Euro 10 billion.
In the French market, Safran jumped nearly 6%. STMicroelectronics, Societe Generale, Renault, Vinci, Accor, Schneider Electric, Saint-Gobain, BNP Paribas, Hermes International, Airbus, Stellantis and ArcelorMittal gained 2.5%-4.7%.
Kering, Air Liquide, Legrand, Bouygues, L'Oreal, Veolia Environment, Edenred, Dassault Systemes, LVMH, Credit Agricole, Eurofins Scientific, Thales, Pernod Ricard and Capgemini also posted strong gains.
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