European Stocks Plunge as Oil Prices Rise Amid Middle East Concerns

European stocks took a hit on Tuesday, August 18, as concerns about rising oil prices weighed heavily on investors. The pan-European STOXX 600 index fell 0.2 percent to 654.81 points, according to Reuters.

The decline in European stocks can be attributed to the increase in crude oil prices, which rose following fading hopes for a lasting agreement between the United States and Iran. This added pressure to the already strained bond yields in the Eurozone, exacerbating concerns that inflation will remain high for an extended period.