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European stock markets opened sharply higher on Wednesday after U.S. President Donald Trump paused a military-backed effort to reopen the Strait of Hormuz, boosting investor confidence and raising hopes for a potential U.S.-Iran peace agreement in 2026.
The pan-European Stoxx 600 index climbed 1.2% in early trading, while Germany’s DAX, France’s CAC 40, and the UK’s FTSE 100 all posted gains of more than 1%. Investors reacted positively after Trump announced that “Project Freedom,” a U.S. initiative aimed at securing safe shipping routes through the Strait of Hormuz, would be temporarily suspended.
The decision follows weeks of escalating tensions in the Gulf region, including attacks on strategic locations in the United Arab Emirates. Trump stated that the pause came partly at Pakistan’s request, as Islamabad continues to mediate between Washington and Tehran. He also hinted that significant progress had been made toward a diplomatic agreement with Iran.
Market sentiment improved further after reports emerged of talks between Iranian and Chinese officials. China, one of Iran’s largest oil buyers, is reportedly encouraging Tehran to avoid further conflict ahead of a planned meeting between Chinese President Xi Jinping and Trump next week.
Oil prices declined after the announcement, with Brent crude futures dropping 1.5% to $108.22 per barrel. Despite the pullback, oil remains elevated compared to levels seen before the Middle East conflict intensified. The Strait of Hormuz, a critical global oil shipping route responsible for transporting roughly 20% of the world’s oil supply, remains largely blocked by both U.S. and Iranian forces.
Among individual stocks, Novo Nordisk surged after reporting stronger-than-expected earnings driven by demand for its Wegovy weight-loss drug. Diageo shares also gained as investors anticipated increased beverage sales ahead of the upcoming soccer World Cup. BMW shares rose following quarterly earnings, while Norway’s Equinor slipped after releasing its latest financial results.
