European Stocks Edge Higher Amid Ongoing Inflation Concerns

European stocks continued their ascent to record highs on Tuesday, despite concerns over inflation and geopolitical tensions.

The July inflation print was flat, but oil prices surged as hopes faded for a quick reopening of the Strait of Hormuz. Brent crude rose 2.4% to $89.80 per barrel, while WTI climbed 2.7% to $84.31 per barrel.

Meanwhile, gold hovered near flat on Tuesday after earlier hitting a two-month high as fading hopes for a Middle East diplomatic deal boosted oil and kept rate-hike risks alive.

Bitcoin slipped by 1.2% to $64,372.3, weighed down by the same factors driving the decline in oil prices.