Global Markets-European stocks rise on earnings optimism as traders weigh Iran proposals

Oil prices fell below $80 a barrel after Reuters reported a proposed deal between Iran and Oman to help end the U.S.-Iran conflict, which could give Tehran control over ships entering the Gulf through the Strait of Hormuz. The U.S. did not comment on the proposal, which would be one of the biggest concessions to Iran yet.

Still, traders remained cautious, and Brent crude futures were up 0.3% on the day at $79.70 a barrel while U.S. West Texas Intermediate futures were up 0.2% at $75.37.

MetLife's Hani Redha said that although the U.S.-Iran conflict has been one of the main factors influencing markets this year, along with AI spending, the market was becoming less sensitive to it.

“Overall, we've been less concerned, I'd say, about what look like negative developments from that region. It is a headwind when oil prices do spike, but we don't think that they're going to derail the cycle,” he said.