Europe open: Stoxx rises despite talk of attacks on Iran

4th Oct 2024 07:51

(Sharecast News) - European shares opened higher on Friday, shrugging off a weak session in the US on comments from US President Joe Biden that his administration held discussions with Israel on potential attacks against Iranian oil facilities.

The pan-regional Stoxx 600 index was up 0.25% to 517.52 with major bourses higher. Traders are looking ahead to US non-farm payrolls for September, expected to grow by 140,000.

In the Middle East Israel kept up its relentless strikes on Lebanon in parallel with its invasion of the country.

US President Joe Biden said his administration had been "discussing" possible Israeli plans to attack Iran's oil industry in retaliation for the Iranian ballistic missile attack on Tuesday, but did not elaborate on what level talks had reached.

Oil prices continued to rally on the back of Biden's remarks, further fuelled by comments by former Israeli prime minister Ehud Barak, who predicted that Israel was likely to mount a large-scale airstrike against Iran's oil industry and possibly a military target related to its nuclear programme.

Brent Crude pushed beyond $78 a barrel on the news.

In equity news, shares in shipping firms Moeller-Maersk and Hapag Lloyd plunged on geopolitical tensions.

Reporting by Frank Prenesti for Sharecast.com