Europe open: Shares, oil up as traders eye US jobs data, MEast

(Sharecast News) - European shares and oil prices both rose at the open on Friday as traders awaited US jobs data and moves by Iran to further hinder shipping through the Strait of Hormuz. The benchmark Stoxx 600 index was up 0.21% to 659.66 at 0832 BST with all major bourses higher.

Brent crude was up 1.27% to $83.54 a barrel after a report that Israeli and US shipping would be banned from the key waterway under new plans drafted by Iran.

Iranian state news outlet Fars on Thursday reported that restrictions would also extend to "countries and individuals that have caused damage to Iran" until that harm is "compensated".

Iran plans to issue penalties of up to 20% of the value of the cargo of those who violate the terms of the agreement, which is currently under review, the report added.

Meanwhile, regional officials said Iran and Oman were close to finalising a deal on shipping through the strait.

In local economic news, German exports and industrial production beat expectations for June, according to official data published on Friday.

Exports rose 0.9% on the month, above expectations of a 0.2% increase, while imports jumped 4.4%, according to the Federal Statistics Office.

Industrial production also surprised to the upside, edging up 0.2% versus expectations for a 0.1% gain, reinforcing the view that Europe's largest economy is stabilising after a weak start to the year.

In equity news Amrize shares slumped after quarterly results.

Reporting by Frank Prenesti for Sharecast.com