Oil prices recovered in European morning trading after an earlier decline in Asia as investors balanced improving Gulf crude flows against the absence of an agreement to end the war with Iran. Brent crude rose 2.6% to just above $100 a barrel, while West Texas Intermediate gained 2.6% to about $92.80. Gulf exports have returned close to pre-war levels, and Saudi Arabia has partly restored its East-West pipeline, which bypasses the Strait of Hormuz. Iran said it received a US response to its offer to reopen the strait if Washington lifts its blockade of Iranian ports, unfreezes assets and eases current oil sanctions. Iranian President Masoud Pezeshkian said efforts would continue to reach an agreement, while US President Donald Trump said the conflict would end very soon either through a deal or military action. OPEC+ is expected to leave November production targets unchanged at its Sunday meeting, although shipping risks remain high after three vessels were struck in the strait on Tuesday, according to British maritime authorities. European equities opened lower as investors assessed faster-than-expected September inflation in Germany, France and Italy, driven by the energy shock. The Euro Stoxx 50 fell about 1% and the Stoxx 600 declined 1.5%, while major European indexes traded 1% to 2% lower. Asian markets were mixed: Japan's Nikkei 225 gained almost 2% after Micron forecast stronger-than-expected results, and South Korea's Kospi rose more than 2% after September exports climbed 83.5% year on year to a monthly record. Mainland Chinese and Hong Kong markets were closed for National Day holidays. On Wall Street, the S&P 500 fell 0.3%, the Dow lost 0.9% and the Nasdaq Composite edged up 0.2% on Wednesday. US inflation data initially reduced the implied probability of an October rate increase to about 38% from around 50%, but stronger growth figures later pressured stocks. The 10-year US Treasury yield reached 5.3%, its highest since 2007, recording its largest quarterly increase since 1994. US futures were flat at the time of writing, with investors turning next to Friday's September US jobs report.