European stocks closed lower Monday as investors digested an escalation of tensions in the Middle East following an attack on Saudi oil production.
The pan-European Stoxx 600 closed was about 0.4% lower at 389.53. Household goods fell over 1% to lead losses while oil and gas stocks surged 3% as crude prices soared following the oil attack in Saudi Arabia.
Oil prices surged overnight after drone attacks at the weekend hit major oil production facilities in Saudi Arabia, effectively wiping out 5% of global supply. Brent crude hit its highest intra-day percentage gain on record, last trading more than 10% higher at $66.52 a barrel.
Source : CNBC