Europe open: Shares rally despite new MEast tensions, Trump tariff tantrum

(Sharecast News) - European shares rallied on Friday as investors assessed US President Donald Trump's latest round of tariffs and the threat to global oil supplies from Houthi rebels in Yemen as tensions in the Gulf ramped up. The pan-regional Stoxx 600 index was up 0.36% to 641 at 0828 BST with all major bourses higher. Brent crude hit $100 overnight as the Iran-backed Houthi militias attacked Saudi oil exports transiting the Red Sea's Bab al-Mandab strait before slipping slightly to $99 a barrel.

Meanwhile, Trump restarted his global trade war on more than 80 nations, using anti forced labour laws to get around a Supreme Court ruling that found his previous package of levies illegal.

The president invoked Section 301 of the Trade Act - a tool historically used to counter unfair practices - allowing him to maintain a near‑universal tariff floor without relying on contested presidential powers.

In equity news, fintech Wise fell sharply after revealing it had been denied a US banking licence.

Reporting by Frank Prenesti for Sharecast.com