European stocks moved higher on Wednesday, with the STOXX 50 rising 0.5% and the STOXX 600 gaining 0.4%, extending their advance for a third consecutive session. The continued decline in oil prices remained a key driver of sentiment, offering further relief on inflationary pressures and easing concerns over the need for tighter monetary policy. Oil prices fell for a sixth straight day amid growing signs that a potential agreement between the US and Iran could help end the war and facilitate the reopening of the Strait of Hormuz.