Europe close: Shares closed mixed, oil up as Hormuz deadlock continues

(Sharecast News) - European shares ended mixed on Tuesday as the Hormuz impasse continued to weigh on sentiment and oil prices pushed towards $90 a barrel.

The Stoxx 600 closed up around 0.05% at 661, with Germany's DAX up 0.17%, the UK's FTSE down 0.16% and Italy's MIB rising 0.13%, while France's CAC 40 fell by the same figure.

Brent crude settled 1.09% higher at $88.68, supported by ongoing tensions around the Strait of Hormuz after the US and Iran issued competing demands over reopening the key shipping route. Both sides insisted on compensation, signalling the standoff would persist.

In equity news, Spirax fell after results, extending losses from earlier in the session as investors reacted to higher corporate costs flagged alongside its profit growth.

IHG also declined following its earnings update, with traders focusing on softer guidance and margin pressure.

Hemnet Group fell as the Swedish property listings marketplace's second quarter sales missed estimates as did Swiss lab systems group Tecan.

Reporting by Frank Prenesti for Sharecast.com