FRANKFURT (dpa-AFX) - The Dax once again became a plaything of oil price developments on Monday. Investor nervousness remains high in light of the war in the Middle East.

Following a surge in oil prices to nearly 120 US dollars, the German benchmark index briefly slumped below the 23,000-point mark to a ten-month low in the morning. However, pressure eased noticeably throughout the day as oil prices pulled back significantly.

The German stock market barometer, the Dax, ultimately ended the day down 0.77 percent at 23,409.37 points. The MDax, the index for mid-cap stocks, fell by 2.06 percent to 28,875.10 points, and major stock exchanges across Europe also narrowed their losses.

According to French reports, the G7 nations have not yet reached a decision regarding a potential release of parts of national oil reserves. However, French Finance Minister Roland Lescure stated: "What we have agreed on is to use all necessary means to stabilize the market if necessary - including the possible release of reserves."

The price for a barrel of Brent crude subsequently fell back below 100 dollars. Market analyst Jochen Stanzl from Consorsbank summed up investor concerns: "The longer the oil price remains above 100 dollars, the greater the inflation risk, the more the risk of recession increases, and the higher the probability of an extended equity correction."

The Eurozone benchmark index EuroStoxx 50 ended trading with a discount of 0.61 percent at 5,685.20 points. Outside the Eurozone, the exchanges in London and Zurich also closed with only moderate losses. In the US, the technology-heavy Nasdaq 100 even moved into positive territory, while the Wall Street Dow Jones Industrial index reduced its loss to 0.7 percent.

The fluctuations triggered by oil prices were again particularly visible in energy-intensive industrial sectors and the tourism industry, while shares of major European oil companies such as Totalenergies, Eni, or BP were in demand. Stocks from the steel sector, such as Thyssenkrupp, down 3.9 percent, or Salzgitter, down 6.3 percent, were again under heavy pressure.

In the tourism industry, investor fear regarding the impact of high fuel prices remained palpable. Lufthansa shares fell by 6.4 percent. The German airline also extended its flight suspensions to the Middle East due to the war involving Iran.

In the defense sector, Rheinmetall gained 2.0 percent. Hensoldt even rose 4.7 percent, as they were additionally supported by a buy recommendation from the research firm Jefferies. Meanwhile, the stock market debut of Gabler was mixed. Shares of the submarine supplier started at 47.20 euros, above their issue price of 44 euros, and ultimately ended the day at 43.80 euros.

Details on the figures presented at the end of January by Gea helped the plant manufacturer's shares to a gain of 2.1 percent. Following a slightly better-than-expected profitability target for the current year, analysts expect consensus estimates to rise slightly./ck/mis

--- By Claudia Müller, dpa-AFX ---