European markets pushed higher on Wednesday, lifted by cautious optimism over a new maritime agreement between Iran and Oman establishing an alternative shipping route through the Strait of Hormuz, easing supply concerns that have weighed on energy markets since the US-Iran conflict began in late February.
Oil prices stabilized after sharp weekly declines of more than 8 percent for Brent and nearly 10 percent for WTI, while European equities advanced on the diplomatic breakthrough. The optimism stood in contrast to Asia, where the South Korean Kospi plunged 4.8 percent after Tokyo's earlier retreat, with SK Hynix and Samsung Electronics falling sharply amid a broader technology selloff.
In corporate news, Italian lenders reported strong first-half results: BPER Banca posted a record 1.33 billion euro profit, while Banco BPM topped the FTSE Mib after beating earnings expectations and raising 2026 guidance.