European stocks trim gains as oil and gas prices fall; Milan up 0.2%

European stock markets pared back their gains after Iran announced that it was prepared to reopen the Strait of Hormuz “within two days,” according to Iranian Foreign Minister Esmail Baghaei. The announcement was followed by declines in crude oil and natural gas prices.

Madrid rose 0.4% and Milan gained 0.2%, while Paris was up 0.06%. Frankfurt turned 0.1% lower and London fell 0.2%. Wall Street futures were positive ahead of the midterm vote in the United States and the release of manufacturing PMI and ISM data.

WTI crude fell 4.49% to $99.44 a barrel, while natural gas dropped 5.04% to €98.71 per megawatt-hour on the Amsterdam market. Energy companies also weakened, with BP down 1.56%, TotalEnergies 1.44% lower, Eni losing 1.4% and Shell declining 1.34%.

Sources: ANSA Economia.