European oil stocks rise as Brent nears $100 on renewed Middle East conflict escalation
XLE•European oil stocks rise as Brent approaches $100
European oil company shares rose after fresh fighting in the Middle East stoked fears of a broader regional conflict, driving oil prices to their highest levels since late July.
A basket of European energy stocks .SXEP is up 0.92%, leading the sectoral gains on the wider STOXX 600 .STOXX index.
Brent futures LCOc1 rise 1.6% to $99.43 a barrel by 0708 GMT and U.S. West Texas Intermediate crude CLc1 soars 1.3% to $94.22 a barrel.
A return towards $100 a barrel for Brent crude would likely unsettle markets that have spent much of the year grappling with global inflation fears.
Among single stocks, TotalEnergies TTEF.PA, Vaar Energi VAR.OL, Eni ENI.MI, Neste NESTE.HE and Galp Energia GALP.LS rise 1%-1.6%.
Maurel & Prom MAUP.PA, Equinor EQNR.OL and Repsol REP.MC rise around .
