CAC 40 Slips As Oil Prices Rise Sharply After Collapse Of U.S.-Iran Peace Talks
(RTTNews) - France's equity benchmark CAC 40 slipped on Monday as inflation and growth concerns resurfaced again amid rising oil prices after the U.S. military announced that it will implement a blockade in the Strait of Hormuz following the collapse of U.S.-Iran peace talks over the weekend.
US Central Command said its forces will begin enforcing the blockade impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman.
Brent crude futures jumped more than 8% to nearly $104 a barrel.
The CAC 40 was down 71.10 points or about 0.84% at 8,188.50 at noon.
Safran and Stellantis lost 2.3% and 2.2%, respectively. Airbus, Societe Generale, Kering, Legrand, ArcelorMittal, Danone, Michelin, ArcelorMittal, Eurofins Scientific, Saint Gobain, Renault, Accor and EssilorLuxottica drifted down 1.3%-1.7%.
Bouygues, Hermes International, Bureau Veritas, Veolia Environmental, Vinci, LVMH, Sanofi, Eiffage, Credit Agricole and BNP Paribas also declined sharply.
Among the gainers, Dassault Systemes moved up nearly 2%, TotalEnergies climbed 1.6% and Carrefour advanced nearly 1.5%. Thales, Euronext and Engie gained 0.5%-1%.
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