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(Sharecast News) - European shares were flat at the open and oil prices crept higher as the US appeared no closer to resolving the Strait of Hormuz impasse.
The benchmark Stoxx 600 index hadn't moved the needle by 0817 BST while most major bourses headed into negative territory. Brent crude was up to just under $84 a barrel as Iran issued new conditions for the strait's reopening even as Tehran and Oman moved into the final stages of agreeing a deal on new shipping lanes through the key waterway.
Sentiment wasn't helped by comments from US Treasury Secretary Scott Bessent over the weekend, when he said the strait would become "irrelevant" as oil would eventually be redirected through pipelines, ignoring the threat to supplies by Iran-backed Houthi rebels in the Red Sea.
The Houthis also said they had hit Saudi Aramco's Jazan refinery on Sunday.
There was a dearth of corporate-related news out on Monday. Plus500 shares rose on interim results revealing record revenues and more shareholder rewards.
Vistry fell sharply on a news report stated credit insurer Allianz Trade was reducing the cover it extends to the troubled housebuilder's suppliers.
Reporting by Frank Prenesti for Sharecast.com
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