European Stocks Gain on Iran-US Deal, Close Off Record High (opens original article in a new tab)

European stocks gained modestly on Monday following an interim US-Iran deal to reopen the Strait of Hormuz, though gains were tempered by investor caution.

• European stocks closed higher after an interim US-Iran agreement to reopen the Strait of Hormuz.
• Cyclical sectors outperformed as lower oil prices eased inflation concerns, while energy stocks fell.
• Investors remained cautious due to lingering distrust between the US and Iran and past false starts.