India, June 1 -- European stocks closed weak on Monday amid fading hopes for a U.S.-Iran ceasefire after Iran reportedly said it will stop communications with the United States. Also, inflation and interest rate concerns rose following a sharp rise in oil prices.
Oil prices climbed higher after Iran's state-affiliated news outlet Tasnim said Tehran will halt peace talks with the U.S. and completely close the Strait of Hormuz in response to Israeli attacks in Lebanon.
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