Frankfurt's DAX 40 traded slightly above the flatline around 25,430 on Monday, as investor caution prevailed amid the ongoing US–Iran standoff, surging crude oil prices and elevated government bond yields. Tensions remained elevated after US President Trump rejected Iran’s proposed truce, while Tehran said it would not soften its conditions for reopening the Strait of Hormuz. Nevertheless, another round of indirect talks between Washington and Tehran are set to resume this week. Among sectors, gains in pharma & healthcare, utilities and autos helped offset weakness in tech and industrials. Siemens Healthineers led the way, rising over 3%, followed by Fresenius SE & Co (1.5%), Beiersdorf (1.5%), Scout24 (1.4%), Heidleberg Materials (1.3%) and Fresenius Medical Care (1.2%). On the flip side, tech came under pressure on reports of potential Chinese approval for new Nvidia chips and planned US sanctions on optical-component makers.