Investors were monitoring developments surrounding the Iran war and oil prices. The International Energy Agency (IEA) announced on Wednesday the strategic release of 400 million barrels of oil from emergency reserves. Otherwise, the war has nearly stopped oil tankers from passing through the Strait of Hormuz, resulting in a sharp price increase.
Nutrition and healthcare company DSM-Firmenich was the biggest gainer in the AEX, gaining 6.4 percent. The company, which is holding an investor day in London this Thursday, expects revenue to grow this year and its profit margin to improve slightly. The company is also buying back €540 million worth of its own shares. Steel giant ArcelorMittal closed the rankings, losing 4.2 percent.
In Stockholm, Swedish fighter jet manufacturer Saab rose 3.3 percent. Saab has signed new agreements with two Polish companies, which it says will deepen its collaboration with the Polish defense industry.
Oil prices
The IEA’s decision failed to prevent oil prices from rising further. Brent crude, the benchmark for Middle Eastern oil, rose 8.1 percent to $99.40 a barrel. A barrel of US crude rose 8.5 percent to $94.70.
Iran attacked fuel tanks in Bahrain on Thursday. On Wednesday, two tankers carrying oil from Iraq were attacked in Iraqi waters. Reuters news agency reported that Iranian boats carrying explosives may have struck the tankers.
Strait of Hormuz
Iran’s new leader, Mojtaba Khamenei, said Thursday that the Strait of Hormuz must remain closed. Following his statement, the Iranian Revolutionary Guard vowed to keep the Strait closed and “inflict the heaviest blows on the aggressive enemy”.
@anp | NEWS BRAINPORT
