European shares were broadly flat on Monday as uncertainty surrounding the reopening of the Strait of Hormuz kept oil prices elevated, prompting caution among investors ahead of key economic data releases.

The pan-European STOXX 600 index stood at 660.12 points as of 0715 GMT after gaining 1.7% last week to close at a record high on Friday. While solid corporate earnings and expectations of lower U.S. borrowing costs provided underlying market support, geopolitical risks limited broader gains.

Key market movements and statistics from the trading session include:

• Energy Stocks: Rose 0.5%, supported by Brent crude futures gaining 0.6% to $83.98 a barrel amid shipping disruptions.
• Technology Stocks: Emerged as the top performer, rising 0.7% on rate expectations and earnings optimism.
• Media Stocks: Dropped 0.7%, placing downward pressure on the broader market.
• Caledonia Mining: Rose 1.6% following a reported 16% increase in second-quarter profit.

Geopolitical focus remained centered on the Strait of Hormuz, where shipping traffic continued at a trickle. Iran stated it was nearing an agreement with Oman regarding new shipping lanes, but noted that further conditions involving the United States must be addressed before the waterway can fully reopen.

Investors are now awaiting Euro zone employment data and U.S. consumer price figures for insights into interest-rate trajectories. Meanwhile, LSEG estimates indicate second-quarter earnings for STOXX 600 companies are expected to rise by nearly 21%, a significant increase from early May forecasts of 12.5% growth.