European Stocks Notch Fourth Weekly Gain on Hormuz Deal Optimism

European stocks advanced for a fourth straight week on growing optimism that the Middle East conflict may be nearing an end after Iran said the Strait of Hormuz had reopened.

The Stoxx Europe 600 Index gained 1.6% at the close. Most sectors gained, led by travel and leisure shares as airline stocks rallied. Energy shares dropped the most in a year, dragged down by industry heavyweights Shell Plc and BP Plc. Telecoms also fell as Sweden’s Ericsson AB slid 4.1% on weak first-quarter results.