India, July 13 -- European stocks may drift lower on Monday as oil prices jumped on renewed U.S.-Iran hostilities, rekindling worries about inflation and the outlook for interest rates.
Brent crude futures jumped more than 4 percent toward $80 a barrel on concerns over potential supply disruptions after the U.S. launched fresh strikes against Iran, further straining a fragile ceasefire between the two countries.
The U.S. military launched another round of strikes against Iran overnight and into early Monday "to degrade their ability to attack commercial ships freely transiting the Strait of Hormuz."
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