(RTTNews) - European stocks closed weak on Thursday, hurt by higher oil prices and bond yields, due to a lack of meaningful progress in "diplomatic efforts" to de-escalate Middle East tensions. Rising prospects of another rate hike by the Federal Reserve this year - possibly in October - weighed as well. Oil prices rose sharply as investors weighed the prospect of improved Saudi export flows against the potential for further supply disruptions. Brent crude futures climbed to $108.23 a barrel before easing to around $106, still up by about 2.75%. Oil climbed around 4% on Wednesday, snapping a five-day losing streak, amid heightened uncertainty surrounding U.S.-Iran negotiations. After U.S.
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