Major European Markets Move Higher As Oil Pares Early Gains

(RTTNews) - The major European markets gained some ground in positive territory on Tuesday with investors picking up select stocks despite oil prices remaining at elevated levels and bond yields continuing to hover around multi-year highs. Oil prices rose sharply this morning amid a lack of meaningful progress in U.S.-Iran negotiations to sort out issues and reopen the Strait of Hormuz. According to some reports, Iranian officials are not optimistic about the possibility of the two nations reaching an agreement before the US midterm elections in November. Brent crude front-month futures, which climbed to $107.87 a barrel earlier, dropped to $104.40, down more than 1% from previous close. The U.K.'s FTSE 100 was up 0.28% at 10,715.