Amsterdam stock exchange reaches all-time high amid sharp drop in oil prices

The AEX-index reached a new all-time high on Wednesday afternoon. The rise came as oil prices dropped significantly, driven by investor optimism about a possible swift resolution to the conflict in the Middle East. Around 1:30 p.m., the benchmark index in Amsterdam was up 2 percent at 1,034.44 points.

The AEX-index set a new milestone on February 25, when it touched an intraday peak of 1,031.79 points and ended the day at a record closing level of 1,030.06 points. Two days later, on February 27, just before the American-Israeli strikes on Iran, the index finished the session at slightly above 1,027 points.

European stock markets also ended the day with solid gains, as the DAX in Frankfurt rose 2.8 percent, the CAC 40 in Paris increased 3.3 percent, and the FTSE 100 in London gained 2.5 percent. Oil prices moved sharply lower, with US crude falling more than 11 percent to $90.43 per barrel and Brent crude dropping around 11 percent to just under $98 per barrel.

Energy stocks came under pressure from the steep drop in oil prices. Shell was the worst performer in the AEX index, falling 4.6 percent. BP and TotalEnergies each lost more than 5 percent. At the same time, the index was lifted by steel producer ArcelorMittal, which climbed nearly 9 percent.

The aviation sector is benefiting from the lower oil price. Air France–KLM rose by more than 10 percent in the MidCap. International Airlines Group, the parent company of British Airways, among others, and German airline Lufthansa both gained more than 8 percent. Ryanair and easyJet were up by more than 10 percent.