The price of oil hit a four-year high on Monday, as Brent Crude climbed above the $81 mark for the first time since November 2014. The rise followed a decision by the world’s largest oil producers, led by Saudi Arabia and Russia, not to increase production.
US sanctions on Iran’s energy industry, which are due to come into effect in November, are beginning to restrict supplies. US President Donald Trump has urged oil cartel OPEC to increase production to offset exports from Tehran.
The increase in oil prices helped to propel US energy stocks, while the US equity market receded from Friday’s record high due to growing investor concern over the trade tensions between Washington and Beijing.
Meanwhile Germany's equities were lower on Monday as losses in the construction, food and beverages and chemicals sectors saw shares slide. The DAX volatility index closed on a bearish note.