By Dominic Chopping
European energy shares defied a slump in equity markets, receiving a boost from spiking crude prices as escalating tensions in the Middle East raise supply concerns.
Brent crude and WTI crude futures earlier jumped more than 10% to five-month highs before easing slightly to trade nearly 6% higher in early European trading.
Equinor shares led the European energy majors higher with a gain of 3.6%. Shares in TotalEnergies, Shell and BP were all nearly 2% higher while Norway's oil-heavy OBX index rose 1.1% at the open.
Israel launched airstrikes against Iran's nuclear facilities and military leadership overnight, killing the head of the Islamic Revolutionary Guard Corps and striking dozens of targets.
Israeli Prime Minister Benjamin Netanyahu said that attacks will continue until the threat is eliminated.
In response, Iran launched drones toward Israeli territory with the country's Supreme Leader Ayatollah Ali Khamenei saying Israel "should expect severe punishment" for the attacks.
Elsewhere, most European indices came under pressure with the Stoxx Europe falling 1.1% in early trade. Airline stocks were among the biggest losers, with British Airways owner IAG, easyJet, and Air France-KLM and Deutsche Lufthansa all falling more than 4%.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 13, 2025 03:53 ET (07:53 GMT)
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