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(Sharecast News) - European shares extended gains after record closes on Wall Street and Tokyo amid cautious optimism over the US-Iran peace deal.
The pan-regional Stoxx 600 index was up 0.41% to 637 at 1148 BST with all major bourses higher.
The Dow Jones Industrial Average hit a record closing high, while the S&P jumped 1.65% and Nasdaq surged 3%.
Japan's Nikkei passed through 70,000 for the first time and closed at a record 69,404 points after US President Donald Trump said the vital Strait of Hormuz could open as early as Friday, although this was not confirmed by Tehran.
Sentiment was also boosted when the Bank of Japan lifted interest rates to a three-decade high, although not by as much as investors feared,
The BoJ raised its key interest rate to 1% from 0.75% as expected with some analysts suggesting a 50-basis-point hike had been on the cards as the oil dependent country battles rising energy costs.
Oil prices slid further with Brent Crude just above $80 and West Texas Intermediate at $78.39. However, traders are still wary that the deal could unravel given Israel's refusal to leave Lebanon, a decision that is straining tensions in Iran.
"The oil price is continuing to fall, even though some oil tanker bosses are expressing caution about the reopening the Strait of Hormuz," said XTB research director Kathleen Brooks.
"Bosses of the world's biggest shipping companies want to see more than just an agreement in place, mines need to be swept, and all hostilities must end, before tankers with hundreds of millions of dollars' worth of cargo will be able to traverse the Strait without fear of a flare up in tensions that could close (it) mid-voyage."
"Brent crude remains above $80 per barrel, and it is unlikely to fall below this level until we start to see cargo ships successfully get through the Strait."
Australia's central bank held its key rate but warned that rises were still on the table if inflationary pressures persisted.
In equity news, arms makers were in focus with Rheinmetall, Kongsberg and Saab all making gains.
Shares in Redcare Pharmacy surged after the company on Monday lifted its 2026 outlook.
UniCredit gained as the German government rejected its multibillion-dollar bid for Commerzbank.
Reporting by Frank Prenesti for Sharecast.com