US-Iran Tensions Weigh on European Markets, Fortum Soars on Google Deal
European stock markets are under pressure following renewed tensions between the US and Iran. The STOXX 600 index is down 0.7% as a result of escalating conflicts, which have driven energy prices higher. Brent crude oil briefly touched $100 per barrel.
The conflict began with the US Central Command announcing that it had destroyed five Iranian oil tankers in response to an attack by the Islamic Revolutionary Guard Corps on a US Navy warship. In retaliation, the IRGC struck back, firing ballistic missiles at a base in Jordan and targeting 10 ships.
Despite this, some companies are seeing gains. Fortum's shares have surged 10.4% after signing a 22-year power purchase agreement with Google, which is investing at least €13 billion in Finland's AI infrastructure between 2027 and 2028.