DAX Hovers Around Record High

(RTTNews) - Despite uncertainty over the reopening of the Strait of Hormuz, German stocks moved higher Monday morning. Higher crude oil prices limited market's upside. Investors looked ahead to U.S. inflation data due later this week, for clues about Federal Reserve's interest rate moves.

Brent crude futures climbed to $84.97 a barrel before easing to around $87.50, still up 1.2% from previous close.

The DAX was up 51.28 points or 0.2% at 26,406.63 a few minutes before noon.

Iran has warned that it will not reopen the Strait of Hormuz unless the United States meets a series of conditions, raising worries that U.S. President Donald Trump may relaunch the military option that he shelved only days ago.

In an interview with Axios on Sunday, Trump signaled patience and suggested that he's prepared to allow economic pressure on Iran to mount rather than escalate militarily.

Infineon Technologies climbed nearly 4%. Siemens Energy jumped 3% and Qiagen moved up 2.5%.

RWE, Heidelberg Materials, Adidas, Allianz, Hochtief, Vonovia, Scout24 and MTU Aero Engines gained 0.5%-1.5%.

Brenntag, Beiersdorf, Deutsche Telekom, Volkswagen, Mercedes-Benz, BMW and Siemens Healthineers shed 1%-2%.