European equity markets were poised to open higher on Monday as investors monitored escalating tensions in the Middle East and sharp moves in oil prices. The backdrop grew more uncertain after the US struck military targets on Iran’s key oil export hub of Kharg Island over the weekend, while market participants assessed reports that Washington is preparing to announce a coalition of countries to escort commercial vessels through the Strait of Hormuz.
Later today, European Union foreign ministers are due to convene to consider extending the bloc’s naval mission, Operation Aspides, to cover the strait. The debate comes amid skepticism from German Foreign Minister Johann Wadephul regarding both the mission’s effectiveness and Germany’s potential role in it.
On the data front, Europe’s calendar is light, with no major economic releases or corporate earnings reports scheduled. In premarket trade, futures on the Euro Stoxx 50 and Stoxx 600 were up 0.6% and 0.5%, respectively.
