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(Sharecast News) - European shares rallied on Monday as oil prices trimmed gains on reports that crude loading operations had resumed at the United Arab Emirates port of Fujairah after a drone attack.
The pan-regional Stoxx 600 index was up 0.28% to 597 at 1211 GMT. Germany's DAX rose 0.47% along with the UK's energy-heavy FTSE 100, which outperformed with a 0.55% gain. Italy's MIB fell 0.10% and France's CAC 40 rose by 0.14%t.
Benchmark Brent crude was up 0.02% to $103 a barrel, while US West Texas Intermediate fell 1.73% to $97.
Exports from Fujairah were disrupted after the attack triggered a fire in the emirate's petroleum industrial zone, but it was reported that operations had resumed.
US President Donald Trump over the weekend demanded help from other Western nations to protect shipments currently stranded either side of the narrow Strait of Hormuz under the threat of attack from Iran's Revolutionary Guard.
His plea came after the US struck Iran's Kharg Island, with Trump claiming the attacks "totally demolished" most of the key oil processing facility adding that the military may hit the site "a few more times just for fun".
The president also issued a thinly veiled threat to US allies if they did not join his proposed maritime coalition, saying it would be "very bad for the future of Nato" if they refused.
However, Iran's Foreign Minister Abbas Araghchi denied that the strait was closed, insisting it was open to shipping from all nations except the US, Israel, and their allies.
Away from the conflict, investors will be eyeing central bank decisions from the UK, US, Japan and Eurozone - which are all expected to leave rates on hold - while Australia will be the outlier with a rise expected from its Reserve Bank on the back of strong consumer spending and inflation well above target.
In equity news, defence stocks gained amid the escalating conflict, with Renk, Hensoldt and Rheinmetall all higher. Oil producers Shell and BP also rose in line with the oil price.
Commerzbank was higher after Italian bank UniCredit said on Monday it was launching an offer to own more than 30% of the German lender. UniCredit shares slipped on the news.
Shares in Amplifon slumped as the Italian hearing aid group announced plans to buy Denmark's GN Store Nord's hearing business for 2.3bn.
Reporting by Frank Prenesti for Sharecast.com