The Portuguese PSI index closed the session slightly positive by advancing 0.07% to 9,437.18 points, thus managing to counter the trend of most European stock exchanges. Galp was the stock that contributed most to this rise, gaining 2.74% to 21.40 euros, followed by Semapa with a rise of 2.42% to 21.20 euros. NOS and Jerónimo Martins completed the index's gains with increases of 0.72% and 0.17% respectively. Among the falls, notable were Mota-Engil which lost 1.29% to 4.750 euros, EDP Renováveis which fell 1.23% to 13.66 euros, and also Navigator, Corticeira Amorim, CTT and Teixeira Duarte.
Most European markets closed in negative territory, conditioned by the rise in oil prices due to the increase in geopolitical tensions in the Middle East. BCP analysts quoted by MTrader explained that the day was negative for most European stock exchanges, with the USA and Iran attacking each other militarily for the first time in the last month. The London market was closed due to a holiday, which helped justify a lower trading volume than usual. The Stoxx 600 fell 0.62% and the EuroStoxx 50 lost 1.01% to 6,420.16 points, while the CAC 40 retreated 0.79% to 8,334.5 points and the DAX fell 1.17% to 6,190.1 points.
Oil prices rose significantly on Monday, pressured by the worsening of tensions in the Middle East. On Sunday, American forces attacked Iranian rocket launchers on Larak Island in the Strait of Hormuz, in what was reportedly the first US military operation in the region in the space of a month, according to a US official cited by the Associated Press. This offensive represents a break in the ceasefire that had been in effect in a conflict marked by intermittent fighting for more than six months. Against this backdrop, Brent advanced 2.50% to $90.30 per barrel and West Texas Intermediate gained 2.57% to $85.54 per barrel.
The new wave of attacks dashed expectations of a swift recovery in normal maritime traffic through the Strait of Hormuz and increased the possibility of further interest rate hikes. This prospect emerged after the president of the US Federal Reserve, Kevin Warsh, reiterated on Friday the institution's commitment to combating inflation. Galp thus managed to take advantage of favorable winds for the oil sector and managed to be the main driver
