The European Stoxx 600 index rose 1.3% at one point, hitting a record high during the trading session.

The European Stoxx 600 index rose 1.3% to 641.66 points on Monday, surpassing the intraday record high of 636.16 points set on February 27. The index has risen 8.2% so far this year. Oil prices fell after the US and Iran reached a temporary agreement to reopen the Strait of Hormuz.