DAX Down Sharply As U.S.-Iran Peace Talks Fail

(RTTNews) - German stocks tumbled on Monday as oil prices climbed higher and bond yields rose after peace talks between the United States and Iran failed to bring about an agreement, and the U.S. Navy moved to block maritime traffic to and from Iran through the Strait of Hormuz.

Brent crude futures jumped almost 8% to around $103 a barrel, raising concerns about inflation and economic growth once again.

Germany's benchmark DAX, which dropped to 23,502.00, was down 288.25 points or 1.2% at 23,566.94 a little while ago.

Continental, Deutsche Telekom, Siemens Energy, MTU Aero Engines and Deutsche Post lost 2%-2.7%.

Commerzbank drifted down 1.8%. Deutsche Bank, Volkswagen, Adidas, Siemens, Vonovia, Henkel, Heidelberg Materials, Daimler Truck Holding, Porsche Automobil Holding, Infineon, Fresenius, Mercedes-Benz and Beiersdorf lost 1%-1.5%.

Rheinmetall climbed about 1.3%. Bayer, RWE, E.ON, BASF and Munich RE posted modest gains.