European stocks weaken amid oil price rally
European stocks experienced modest gains but are heading toward a weekly loss due to rising oil prices and US-Iran tensions, with risk appetite diminishing. Despite support from the corporate earnings season and strong profit forecasts, escalating geopolitical tensions and threats of a naval blockade against Iran have heightened concerns over oil supplies, pushing oil prices up to $87.93 per barrel. Additionally, weaker US inflation data has led to expectations of delaying the Federal Reserve's monetary tightening. The technology sector led the gains in the region, while the basic materials sector declined by 1.6%.
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