European stocks steady as investors weigh Hormuz risks, data calendar

The European share benchmark on Monday steadied around a record ‌high close hit last week, as uncertainty around the Middle East conflict kept oil prices elevated, while investors prepared themselves for a week packed with economic data.

The pan-European STOXX 600  was flat at 660.09 points, as of 0848 GMT.

The benchmark ​climbed 1.7% last week and closed at a record high on Friday, supported by expectations ​of lower U.S. borrowing costs after soft jobs data and strong corporate earnings on both sides ⁠of the Atlantic.

In the Middle East, Iran said it was nearing a final pact with Oman defining new ​shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other ​conditions before the strategic waterway is reopened, which is critical for oil-import-dependent Europe.

Europe's energy sector was up 0.5%, with Brent crude futures rising 0.8% to $84.22 a barrel.

Investors this week will be watching euro zone employment data and U.S. consumer price ​figures for clues on the interest rate outlook.

"Markets are really just in a period of digestion and ​wait-and-see," said Kiran Ganesh, managing director, global head of investment communications at UBS.