European stocks closed weak on Monday amid fading hopes for a U.S.-Iran ceasefire after Iran reportedly said it will stop communications with the United States. Also, inflation and interest rate concerns rose following a sharp rise in oil prices.
Oil prices climbed higher after Iran's state-affiliated news outlet Tasnim said Tehran will halt peace talks with the U.S. and completely close the Strait of Hormuz in response to Israeli attacks in Lebanon.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.