European Stocks Steady Amid Elevated Oil Prices

European stock markets held steady on Tuesday as oil prices climbed to their highest level this month. The pan-European STOXX 600 index was little changed at 659.84, fluctuating between modest gains and losses near its record highs reached earlier in the month.

The energy sector rose by 1.4% as rising oil prices supported oil and gas stocks. However, concerns that a prolonged disruption around the Strait of Hormuz could lead to inflation and cloud the outlook for monetary easing kept broader risk appetite in check.

Investors are now awaiting key economic data releases later this week, including euro zone employment and GDP figures as well as U.S. consumer price data. These releases will provide further clues on the path of interest rates.