European stock markets have finally recovered all the ground lost since the outbreak of the Iran conflict.

For the first time since the war began, the pan-European benchmark, the Euro Stoxx 600 index, is poised to close above its pre-conflict level. This marks a significant milestone for the continent. Europe, heavily reliant on energy imports, has been one of the regions hardest hit by the war's repercussions.

Many nations in Asia face a similar vulnerability due to energy dependence. However, unlike Europe, both Asian and US stock markets have benefited this year from the powerful rally in artificial intelligence-related shares.

The Euro Stoxx 600 index was last up 0.7% in late European trading. If this advance holds, the index will not only achieve its highest closing level since the conflict started but will also set a new all-time record high.