Europe open: Shares rally on Iran ceasefire hopes; Crude prices fall

(Sharecast News) - European shares rallied on Wednesday as US President Donald Trump tried to extricate himself from his war of choice with Iran, while Tehran said the vital Strait of Hormuz was open to "non-hostile" ships. The pan-regional Stoxx 600 index was up 1.43% to 587.66 at 0852 GMT with all major bourses also in the green.

Trump overnight presented a 15-point ceasefire plan and claimed Iran wanted to "make a deal so badly" although Tehran dismissed this as fake news. Meanwhile US strikes on the Gulf state continued unabated and another 1,000 American troops were deployed to the region.

Crude oil prices fell on the news with benchmark Brent crude down 5.87% to $98.36 a barrel and West Texas Intermediate 5.36% lower to $87.40.

Month-ahead gas for April slumped 8.1% to €49.62 per kilowatt hour.

In equity news, shares in Lanxess surged after an upgrade by JP Morgan for the German chemical supplier.

Reporting by Frank Prenesti for Sharecast.com