Stocks rise on peace hopes, oil flat

AFP | London

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US and European stocks rose Tuesday on hopes for a quick end to the Middle East war, while oil prices steadied amid the continuing uncertainty.

Wall Street’s main indices jumped more than 1% as trading got underway in New York.

The equities “market has been energized by a report that the president is willing to end the war with Iran, even if the Strait of Hormuz is not fully open,” said Briefing.com analyst Patrick O’Hare.

He called the response peculiar as this would not ensure a resumption of oil shipments, but noted the stock market is currently oversold on a shortterm basis.

Investors who short stocks -- bet on a fall -- rush to purchase stocks if they believe prices will rise in order to avoid losses.

Brent North Sea crude for delivery in June -- its most traded contract -- dipped 0.2% to $107.23 per barrel.

But the international benchmark’s contract for May, which expires Tuesday, stood at $118.49 per barrel, up 5.1%. The June contract better reflects market dynamics while May need for immediate deliveries.

The benchmark US contract, WTI, edged higher to $102.93 per barrel.

The head of a maritime analyst group meanwhile warned in an interview with AFP that Asia is confronting a major energy crisis, as it faces the gravest fallout from the war.

European stocks rose despite data showing eurozone inflation leapt in March because of surging energy prices caused by the conflict, hitting its highest level since January 2025.

Consumer prices rose by 2.5% in March, sharply up from 1.9% in February, the EU’s statistics agency said.

Asia’s main stock markets closed mixed.