European shares edge higher on boost from oil stocks

European shares inched higher on Monday, helped by gains in energy stocks as oil prices resumed their surge, while continued fighting in Ukraine kept broader risk sentiment in check.

The pan-European STOXX 600 rose 0.1% after closing with its biggest weekly percentage gain since November 2020 on Friday.

Markets are closely tracking the war in Ukraine, with European Union governments mulling an oil embargo on Russia as they gather this week with U.S. President Joe Biden for a series of summits aimed at hardening their stance against Moscow.


The news also sparked a rally in oil prices. Brent crude futures rose more than $3 above $111 a barrel, lifting the European oil & gas sector by 1.3%.

London's FTSE 100 led gains among its continental peers, rising 0.4%.

Julius Baer rose 0.7% after it said it had credit exposure to a low-single-digit number of clients subject to the recently introduced sanctions on the Russian market.

Credit Suisse edged 0.1% higher after it said Vice Chair Severin Schwan would not stand for re-election to its board of directors and that the board had nominated Christian Gellerstad as his successor.