European Stocks Settle Weak As Oil’s Surge Fuels On Inflation, Rate Worries

European stocks closed weak on Thursday, with several markets dropping to multi-month lows, as concerns about inflation and interest rates amid rising oil prices and bond yields hurt sentiment.

Oil prices rose sharply amid rising concerns over an escalation in U.S.-Iran conflict. According to reports, the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made. Meanwhile, oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.