Europe midday: Shares extend gains as oil hits pre-war levels

(Sharecast News) - European shares extended gains on Thursday as oil prices fell to pre-Iran war levels with the pace of ships exiting the Strait of Hormuz accelerating, easing concerns about short-term supply.

The pan-European Stoxx 600 was up 0.70% to 1204 at 0833 BST with major markets higher.

Brent crude futures for August delivery fell 1.29% to $72.79 a barrel, while US benchmark West Texas Intermediate was down 1% to $69.62 - both below levels on February 27 when the US and Israel began their war of choice on Iran and Lebanon.

At least 20 oil tankers stranded in the Persian Gulf with 35 million barrels have exited the Strait of Hormuz since the US and Iran agreed to open the vital sea lane, CNBC reported, citing data provided by Kpler, a firm that tracks global trade flows.

In total, confirmed oil shipments through Hormuz have risen to around 4.8 million barrels per day since the deal, according to Kpler. Oil flows in June are the highest since the US and Israel attacked Iran on February 28. But exports remain well below pre-war levels when 15 million bpd exited the strait.

Sentiment was also boosted by results from US tech company Micron, which reported record quarterly profits. The news boosted chip makers and related industries, with Infineon, ASML, STMicroelectronics and BE Semiconductor all higher.

In other equity news, easyJet rose as it rebuffed a sweetened �4.93b bid proposal from US investment firm Castlelake, while Swedish fashion retailer H&M fell after reporting a smaller-than-expected quarterly profit.

Reporting by Frank Prenesti for Sharecast.com