Iran Conflict Reshapes European Markets: Energy Winners, Industrial Losers

Eighteen days into the Iran conflict, European equity markets have fallen sharply - Euro STOXX 50 down 6.5%, DAX off 7%, CAC 40 down 7.2%, FTSE MIB off 6.4% - while the S&P 500 declined just 2.5%.

The Strait of Hormuz closure triggered Brent crude’s jump from $70 to $105 - a 42% rally - and Dutch TTF gas prices surged 60% to €52/MWh.

Equinor rose 23.7%, Vår Energi +19.9%, Aker BP +17.1%, Eni +14.7%, Galp Energia +13.6%. Verbio SE soared 30.4%; Neste Oyj gained 28.1%. Uniper SE rallied 19.1%; K+S up 15.3%; Yara International +15.0%.

Wizz Air collapsed 31.2%; Air France-KLM fell 22.1%; easyJet dropped 21.8%. Salzgitter fell 27.9%; thyssenkrupp -27.3%; ArcelorMittal -19.1%; Aperam -24.5%. Técnicas Reunidas -23.7%; Webuild -26.6%; Hochschild -21%.