European Stocks Close Higher As Oil Prices Drop; Markets Eye Central Banks Rate Decisions

After struggling for direction till around noon, the major European markets slowly gained in strength on Monday and eventually ended the day’s session on a firm note. Oil’s retreat amid slightly easing concerns about supply disruptions contributed significantly to the positive sentiment in most of the markets in the region.

According to reports, despite the Middle East war entering its third week, several tankers carrying liquefied petroleum gas crossed the key shipping route – the Strait of Hormuz – suggesting Iran may still allow some energy exports to allied countries.