European indices opened the new day and new week in a cautious mood, with the main benchmarks little changed at the start of trade:

• Eurostoxx -0.1%
• Germany DAX -0.2%
• France CAC 40 -0.1%
• UK FTSE -0.1%
• Spain IBEX -0.1%
• Italy FTSE MIB +0.2%

The restrained tone comes despite a stronger, tech-led session in Asia, as investors weigh a renewed push higher in oil prices, relatively hawkish central bank expectations, and persistent US-Iran tensions.

On the oil front, WTI crude is trading up 0.5% at $91.95, while Brent crude has gained 0.8% to $97.05. The advance comes as the United States and Iran exchange further strikes near the Strait of Hormuz, with Iran also preparing to impose restrictions along the waterway. The strait is one of the world's most important oil chokepoints, with roughly a fifth of global oil consumption passing through it, so any disruption to shipping there tends to feed directly into crude prices and, in turn, into inflation expectations across Europe.

Price action at the open is relatively light and constrained by mixed signals from US futures. While S&P 500 futures are roughly flat, Dow futures are down 0.4% and Nasdaq futures are up 0.2%. The US cash equity market is closed in observance of Labor Day, which will further limit any directional impulse feeding into European market sentiment, and thin summer liquidity can amplify otherwise modest moves in either direction.

For now, the key concerns outlined above appear to be offsetting the positive read-through from the tech gains that kicked off the new week in Asia.

Attention will soon shift to larger catalysts, with the ECB policy decision due on Thursday and, more importantly, the US CPI report scheduled for Friday. Both events carry weight for European equities: the ECB's stance shapes borrowing costs for the eurozone economy, while the US inflation print is a key input for Federal Reserve policy and global rate expectations, meaning the cautious open could give way to sharper positioning moves as the week progresses.