CAC 40 Slids 1.1% As Oil Rises Amid U.S.-Iran Tensions

French stocks drifted lower on Monday on renewed tensions in the Middle East after Iran rejected participation in a second round of peace negotiations with the U.S., citing Washington’s excessive demands, constant shifts in stance, contradictions and the continuing naval blockade.

The U.S. seized an Iranian vessel, and the Strait of Hormuz remains closed, reviving inflation and interest-rate fears. Iran has launched drone attacks on U.S. military ships following the seizure of an Iranian vessel near the Strait of Hormuz.