Europe open: Markets mixed, oil up again as Hormuz stalemate continues

(Sharecast News) - European shares were mixed at the open on Tuesday and oil prices neared $90 a barrel as the Strait of Hormuz impasse dragged on with the US and Iran trading competing demands. The pan-regional Stoxx 600 index was up 0.13% to 661 at 0810 BST. German, UK and French markets were all lower, while Italy and Spain posted strong gains.

Brent crude was up 1.58% to $89.11 as US President Donald Trump demanded Iran pay compensation for people killed in wars, attacks and protests.

Iran had on Tuesday issued its own set of conditions for the reopening of the key waterway, including compensation and a lifting of sanctions. Both pronouncements indicated the strait would not be reopened any time soon and Trump has clearly retreated from his regular threats of military action.

In equity news, Spirax and IHG both fell after results.

Reporting by Frank Prenesti for Sharecast.com