European Shares Rise As Oil Prices Ease After Recent Surge

(RTTNews) - European stocks traded higher on Friday as oil prices fell from recent highs and data showed the U.K. economy expanded at a faster pace in July, driven by services and industrial production.

Brent crude futures fell more than 3 percent to trade below $104 a barrel after the Financial Times reported that Iran and Oman were meeting with Gulf states to reopen shipping through the Strait of Hormuz.

It was said that Gulf foreign ministers plan to meet their Iranian counterpart in the Omani coastal city of Salalah this coming Monday to secure a deal to manage commercial shipping through Hormuz.

U.K. GDP grew 0.4 percent month-on-month in July, following an increase of 0.3 percent in June and no growth in May, the Office for National Statistics reported.

On a yearly basis, GDP climbed 1.6 percent in July compared to forecast of 1.2 percent.

The U.S. dollar was firm ahead of the release of key U.S. CPI data later in the day.

The pan-European STOXX 600 rose 0.4 percent to 638.58 after falling 0.7 percent to hit a two-month low on Thursday.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were up between 0.4 percent and half a percent.

French train manufacturer Alstom rallied 2.4 percent after signing contracts worth 1.2 billion euros with TransPennine Express.

United Internet fell 2.2 percent. The German internet services company has launched cost-saving programs at its subsidiaries 1&1 and Ionos that include job cuts.

Transport company Fraport advanced 1.8 percent. The company said that around 6.3 million passengers flew via Frankfurt Airport in August, 0.3 percent lower than same month last year.

Trainline climbed 2.3 percent. The British rail ticketing platform announced a £100 million share repurchase program over 12 months.