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(Sharecast News) - European shares extended gains at midday on Wednesday on a report that Iranian operatives from the Ministry of Intelligence made an indirect offer to discuss terms for ending the war with the US and Israel.
The pan-regional Stoxx 600 index was up 1.37% to 612.64 at 0841 GMT. Germany's DAX rose 1.65%, France's CAC 40 index increased by 1.03% and Spain's IBEX surged by 1.8%.
A report in the New York Times citing unnamed officials stated that a day after the attacks began, operatives from Iran's Ministry of Intelligence reached out via another country's spy agency to the CIA with an offer to discuss terms for ending the war.
US officials were sceptical - at least in the short term - that either the Trump administration or Iran is really ready for an offramp, the officials said.
Israeli officials, who want a weekslong campaign to inflict maximum damage on Iran's military capabilities, and cause Iran's government to collapse, urged the US to ignore the approach, the report stated, adding that the offer was currently not considered serious in Washington.
Oil prices trimmed morning gains, rising 1.14%, sending Brent crude to $82.34 a barrel as a US plan to insure and escort tankers going through the strait failed to inspire any confidence.
The vital waterway has been effectively closed since Israel and the US started bombing Iran on Saturday - killing the country's leader Ali Kohmenei in the process - as they seek to topple the Islamic regime.
Counterstrikes from the Iranians and their Hezbollah militia allies based in Lebanon against multiple Gulf states have sparked global concerns about supply disruptions, pushing the oil price to its highest level in six years.
Gas prices fell sharply, having almost doubled since last Friday, with the Dutch TTF contract price for April down 10% at 48.76 per megawatt hour but still well above Friday's 31.95.
Iran's revolutionary Guard has threatened to attack any ship that attempts to pass through the narrow strait. US President Donald Trump on Tuesday said the US International Development Finance Corporation would offer insurance to vessels and provide a naval escort if necessary.
"Until there is a pause in this conflict and free flowing oil around the world, it is hard to see how markets can stage a meaningful recovery. We expect stocks and bonds to remain nervous and driven by headline risk," said XTB research director Kathleen Brooks.
"The dollar has been king during this crisis. However, it is pulling back slightly today, and G10 currencies are clawing back some recent losses. This is likely to be temporary, especially if the oil price remains to the upside."
In equity news, shares in Vistry tanked as the UK housebuilder's warned of margin pressure this year and announced the retirement of its CEO and chair. Adidas also fell after the German sportswear giant reported annual results.
Redcare Pharmacy also plunged as fourth-quarter earnings missed estimates.
ASM International jumped after the supplier of semiconductor tools posted better-than-expected net profit for the final quarter of 2025, supported by higher demand and a rebound in orders from China.
Shares in Lottomatica surged after the company proposed a new 700m share buyback.
Reporting by Frank Prenesti for Sharecast.com