European markets set to open lower as oil prices jump despite reserve release

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LONDON — European stocks are expected to open lower on Thursday as investors monitor the Iran war and global oil prices.

The U.K.'s FTSE index is seen opening 0.2% lower, Germany’s DAX down 1%, France’s CAC 40 0.8% lower and Italy’s FTSE MIB 1.1% lower, according to data from IG.

Oil prices are in focus after the International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war.

The IEA did not set out a timeline for when the stocks would hit the market. It said that the reserves would be released over a timeframe that is appropriate to the circumstances of each of its 32 member countries.

Oil prices jumped more than 8% overnight despite the IEA’s move, with Brent crude hitting $100 a barrel as traders remain unconvinced that the strategic release will offset a global supply shock caused by the war.

In other news, the Trump administration on Wednesday announced new trade investigations into the European Union and more than a dozen other economies.

The probes will be conducted under Section 301 of the Trade Act of 1974, U.S. Trade Representative Jamieson Greer told reporters. That law permits the U.S. to impose tariffs on imported goods from other nations found to have engaged in unfair trade practices.

Earnings come from BMW, Generali, RWE, Hannover Re, Swiss Life and Informa. The IEA’s latest oil market report is also due out today.

— CNBC’s Dan Mangan contributed to this market report.

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