DAX breaks 26,500 for first time as Oman-Iran talks push oil lower

DAX breaks 26,500 for first time

The German blue-chip DAX climbed above 26,500 points for the first time in its history on 11 August 2026, reaching an intraday record of 26,504.54 before closing at 26,391.42, up 0.3 percent. The milestone followed the index's first crossing of 26,000 earlier in August, capping a rally of more than 1,600 points since mid-July. The EuroStoxx 50 also set a record, closing 0.4 percent higher at 6,559, while the SMI in Zurich reached its own best mark. The FTSE 100 in London closed slightly lower.

Oil retreats on Oman-Iran talks

The rally was fueled by falling oil prices after a spokesperson for Qatar's foreign ministry said talks between Oman and Iran over the future of shipping through the Strait of Hormus were at an advanced stage. Brent crude for October delivery fell nearly 1 percent to $87 per barrel, while US light oil WTI for September delivery dropped to $81.56 per barrel, after both had previously risen by up to 3 percent.

Any signs of de-escalation or an agreement are good news for risk assets and bad for the oil price.

Pakistan's defense minister Khawaja Asif said signals from recent days indicated the United States and Iran were "close to some kind of agreement."

Analysts weigh resilience against risk

Market analyst Timo Emden of Captrader said participants had been balancing between crisis mode and record mood, and had currently chosen the latter. Jochen Stanzl of Consorsbank wrote that good profit growth among DAX companies despite high energy prices, combined with moderate valuations and restrained investor sentiment, had created a constructive environment for the index. He cautioned that resilience was not the same as immunity.

The Middle East conflict remains a powder keg, sentiment can turn lightning fast at any time.

UBS investment chief Mark Haefele's team cited rising corporate profits as a reason to stay invested, while noting risks from AI valuations and interest rates. They assessed the consequences of the Iran conflict as manageable.

Brenntag Q2 results shine

Chemicals distributor Brenntag reported adjusted Q2 revenue up 11.1 percent to €4.3 billion and EBITDA up 41 percent to €463 million. Net profit quadrupled to €182 million. CEO Jens Birgersson said price discipline, cost cuts, and sales improvements had more than paid off. The company raised its full-year EBITDA guidance to between €1.35 billion and €1.45 billion, the second increase within weeks.

Our cost-cutting program contributed savings of €41 million in the second quarter and is on plan for the full year.

Reisten confirmed Brenntag remained on track to achieve €200-250 million in savings by 2027.

Inflation data and corporate earnings ahead

Investors on 12 August are awaiting US inflation data, with the July rate expected to fall to 3.4 percent from 3.5 percent in June. In Germany, the end of the government fuel discount is expected to push inflation up to 2.8 percent from 2.3 percent in June. TUI is expected to report a 14 percent drop in Q3 operating profit to around €275 million on revenue of €5.98 billion, down 3.5 percent. Thyssenkrupp's defense subsidiary TKMS, reporting nine-month figures, may set a new record for order backlog. Separately, PNE shares plunged 19.5 percent, their largest daily loss in more than 17 years, after the wind and solar developer said a sale of the company was in question because potential buyers' price expectations were below the stock's market price.