Oil Prices Surge as US-Iran Tensions Weigh on European Equities

European equities held steady on Friday but remained on track for a weekly decline as investors weighed stalled US-Iran peace efforts, rising oil prices, and upcoming eurozone economic data.

The STOXX 600 index edged up 0.05% to 659.65 by 0710 GMT, staying close to record highs despite losses earlier in the week.

A strong earnings season has continued to support European equities, with second-quarter profit expectations for Europe's blue-chip companies increasing for an eighth consecutive week. Aggregate STOXX 600 earnings are now expected to rise 23.4%, driven largely by strong energy and materials profits.