Sawt Falasteen - Oil prices jump, stocks retreat as US-Iran peace talks stall

Amid an extended but seemingly fragile ceasefire, Iran vowed it would not reopen the Strait of Hormuz, through which one-fifth of global oil is shipped, as long as the United States blocks its ports.

Stocks are down "as risk aversion builds off the back of yet another damaging phase of this crisis", said Joshua Mahony, chief market analyst at Scope Markets.

"While previous market moves were driven by escalation and de-escalation of the conflict, we are now heading towards a slow grind higher for energy prices as the prospect of a drawn-out stalemate comes into play," he added.

The benchmark international oil contract, Brent North Sea crude, was holding above $100 a barrel, threatening widespread inflation that could dent economies around the globe.

European stock markets mostly fell in midday deals after losses across Asia. But Paris was slightly in the green as the share price of French cosmetics heavyweight L'Oreal surged after posting first-quarter earnings.

L'Oreal's shares jumped more than eight percent after the company said sales rose 3.6 percent in the quarter, boosted by growth in professional and dermatological products.

Analysts say healthy company results overall and a resumption of bullish artificial intelligence trades have helped to support equities despite the uncertainties sparked by the war against Iran.

Almost 80 percent of the companies in the S&P 500 index that have reported first-quarter earnings have surpassed analyst estimates, according to Bloomberg.

Tesla reported Wednesday first-quarter profits that topped expectations as it confirmed plans for huge investments in autonomous transport, humanoid robotics and AI.

Elon Musk's electric vehicle company reported profits of $477 million, up 17 percent from a year earlier, while revenues jumped 16 percent to $22.4 billion.

In Asia, Seoul reached a record high Thursday thanks to a new rally in the tech sector that has been the backbone of a surge in the Kospi index this year.

In the eurozone, business activity contracted in April for the first time in 16 months as the war in the Middle East drove up energy prices and disrupted global supply chains, a closely watched survey showed Thursday.

The Flash Eurozone purchasing managers' index (PMI) published by S&P Global, a gauge of the overall health of the economy, registered a figure of 48.6 for April, down from 50.7 in March.

A reading above 50 indicates growth, while a figure below 50 shows contraction.

- Key figures at 1045 GMT -

Brent North Sea Crude: UP 1.7 percent at $103.61 a barrel

West Texas Intermediate: UP 1.8 percent at $94.59 a barrel

London - FTSE 100: DOWN 0.8 percent at 10,388.78 points

Paris - CAC 40: UP 0.1 percent at 8,162.78

Frankfurt - DAX: DOWN 0.5 percent at 24,084.13

Tokyo - Nikkei 225: DOWN 0.8 percent at 59,140.23 (close)

Hong Kong - Hang Seng Index: DOWN 1.0 percent at 25,915.20

Shanghai - Composite: DOWN 0.3 percent at 4,093.25 (close)

Euro/dollar: DOWN at $1.1683 from $1.1709 on Wednesday

Pound/dollar: DOWN at $1.3488 from $1.3506

Dollar/yen: UP at 159.75 yen from 159.49 yen

Euro/pound: DOWN at 86.62 pence from 86.70 pence

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F.AbuShamala--SF-PST