European stock markets finished the Wednesday trading session with gains after US president Donald Trump's decision to pull out of the Iran nuclear deal and reintroduce sanctions pushed oil prices to their highest level in over three years. In turn, this boosted shares of oil companies across Europe, which were the main contributors to the overall increase in stock prices. Meanwhile, on the earnings front, Siemens, Toyota and ING Group were among the major companies posting their quarterly results, while the Twenty-First Century Fox reported its numbers after the U.S trading session ended.

The FTSE 100 was up 1.21% at the end of the trading day, with BP Oil Company among the best performers. The DAX gained 0.29% at the closing bell, with Siemens leading the gains. Meanwhile, the main French index CAC 40 finished the session 0.11% in the positive territory, with Total one of the best contributors.

Walmart Acquires

Walmart Inc. announced that it is acquiring a majority stake in Indian company Flipkart. The retail giant will pay around $16 billion to get 77% of the e-commerce firm. According to the statement, other investors include Ten cent Holdings Ltd., Tiger Global Management LLC and Microsoft Corp. Walmart’s investment includes $2 billion of new equity funding, and the company expects a negative impact on the full-year EPS of approximately $0.25 to $0.30. The American retailer also said it supports Flipkart's "ambition to transition into a publicly-listed, majority-owned subsidiary in the future."

According to the company’s statement, it is transforming globally to meet and exceed needs of customers and are looking forward working with Flipkart to grow in this market segment.

Oil Spike

Crude prices jumped following the announcement by United States President Donald Trump that he would pull his country out of the Iran nuclear deal and slap the OPEC nation with additional sanctions. Trump explained his decision by stating the "decaying and rotten" agreement enabled Tehran to continue developing its nuclear arsenal and would have eventually resulted in a nuclear arms race in the region. Oil topped $70 per barrel earlier this week for the first time in almost four years.

At one point, West Texas Intermediate for June delivery rose around 2.72%, changing hands for $70.99 per barrel while international benchmark Brent for settlements in the same month gained 2.85% to trade for $76.99 per barrel, after previously hitting $77 a barrel, it’s highest since November 2014.