European oil stocks rose on Tuesday, tracking a jump in crude prices, as fighting between Israel and Iran entered into a fifth day.
Shell (AS:SHEL), BP (LON:BP), Galp Energia (ELI:GALP), TotalEnergies (EPA:TTEF), Repsol (BME:REP), and Equinor (OL:EQNR) were among the gainers.
Israel’s military said on Tuesday that it had carried out "several extensive strikes" on military targets in western Iran, including on surface-to-surface missile storage sites and launch infrastructure.
A senior Iranian general "in the heart of Tehran" was killed overnight, Israel’s Air Force also claimed. Iran has not yet confirmed the statement.
Meanwhile, the White House is discussing with Iran the possibility of holding talks this week on a potential nuclear deal and an end to the conflict with Israel, Axios has reported. U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi could meet as part of the proposed talks, Axios reported, citing four sources briefed on the matter.
While the meeting is yet to be finalized, it represents a renewed effort by U.S. President Donald Trump to lower hostilities between the two Middle East powers and bring the focus back towards a nuclear deal.
Separate media reports have said that Iran has agreed to enter into negotiations only if Israel stops its bombing campaign.
Trump’s remarks about Iran have been hawkish, with the president stating that “everyone should immediately evacuate Tehran” and chiding Iran for not accepting an earlier nuclear deal. Trump has also repeatedly stated that Iran will not be allowed to enrich any uranium, despite Tehran’s claims that it has no plans to develop nuclear weaponry.
Oil prices, which have been volatile in recent days as traders assessed the potential impact of the Israel-Iran hostilities on crucial Middle East shipping regions, advanced on Tuesday.
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