European stock markets in turmoil: Oil at record highs and declines across main indices

The current geopolitical situation is creating turmoil in European stock markets, causing the continent's main indices to plummet and pushing oil prices higher.

In Paris, the CAC 40 closed down 2.70%. The Italian market also recorded a significant decline, with the FTSE MIB ending at 42,979.33 points, down 2.66% (-1,172.93 points).

In addition, London's FTSE 100 fell 1.72%, closing at 10,107.66 points. In Germany, the DAX dropped 2.62%, while Spain's IBEX 35 fell even more sharply, losing 3.07%.

Overall, the pan-European STOXX Europe 600 index also performed poorly, falling 2.36% to 584.56 points, confirming a session dominated by selling across European markets.

On the commodities front, oil surpassed $100 per barrel, marking a 13% increase from Friday's close. Brent crude also surged sharply, reaching $106 per barrel.

The dramatic situation in the Middle East fueled the rally in oil, bringing prices back to levels not seen since 2022.

Benedetta Zimone