European stocks closed higher on Friday as energy prices retreated from their peaks and the rise in long-term sovereign yields paused. The Euro STOXX 50 gained 0.8% to 6,323, while the STOXX Europe 600 advanced 0.5% to 639.1. Banks and industrial companies led gains as lower energy prices and borrowing costs eased pressure on sector margins. Santander, BBVA and UniCredit rose nearly 2% each, Siemens and Safra gained 2.5%, and Intesa Sanpaolo climbed 2.6% after Rome said it would not interfere with the lender’s takeover bid for Banca MPS. Infineon surged 5%. GCC officials also announced plans to meet Iranian counterparts the following week to discuss possible tanker corridors in the Persian Gulf. Despite Friday’s advance, the STOXX 50 fell 1% and the STOXX 600 lost 1.6% over the week amid concerns about higher energy prices and interest rates. The ECB raised rates the previous day, while markets continued to price further tightening. Frankfurt’s DAX 40 also rose 0.4% to around 25,460, recovering after two sessions of losses, with Siemens Energy up 1.8% and several aerospace, defense, insurance and technology shares gaining more than 1%.