Frankfurt's DAX 40 gave up early gains to trade slightly down around 25,300 on Wednesday afternoon, amid the renewed increase in oil prices and inflation concerns. Uncertainty over US-Iran negotiations kept market sentiment fragile. In the latest developments, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal on reopening the Strait of Hormuz, following Iran’s own conditions set out last week. Meanwhile, attention was also focused on inflation data from Europe and the US, with signs of strengthening price pressures across the eurozone adding to pressure on the ECB to act.