(RTTNews) - European stocks advanced on Monday as falling oil prices eased inflation concerns and German Chancellor Friedrich Merz vowed to press ahead with reforms after suffering a bruising electoral setback in two state elections.

Brent crude prices fell below $102 a barrel as investors hoped for diplomatic progress on the Iran war at this week's UN meeting.

The pan-European STOXX 600 jumped 0.9 percent to 640.96 after falling 1.1 percent on Friday.

The German DAX surged about 1 percent, France's CAC 40 gained 0.8 percent and the U.K.'s FTSE 100 was up 0.7 percent.

French lender Societe Generale rallied 3 percent after raising its profitability target for 2029.

British sportswear retailer JD Sports Fashion traded around 1 percent higher after announcing it would enter the Mexican market through a long-term franchise agreement with Grupo Axo.

Novo Nordisk shares slumped 4.5 percent after the Danish drugmaker announced new growth targets for obesity treatment drugs.