May 13 (Reuters) - European markets ended higher on Wednesday, supported by gains in the mining sector, but investors' assessment of the negative economic impact of rising oil prices due to the Iran war led to continued caution.

The pan-European STOXX 600 index rose 0.8 percent to 611.42 points, after falling 1 percent on Tuesday.

The basic resources sector index jumped 4.4 percent to a record high, amid rising primary metal prices and significant progress in Europe's best-performing sector this year.

As the first-quarter earnings season draws to a close, corporate profits are expected to grow at their fastest pace in three years. Data compiled by the London Stock Exchange Group shows that European profits are expected to have increased by 10.2 percent during the quarter.

German pharmaceutical company Merck raised its full-year adjusted operating profit forecast earlier in the session, sending the company's stock up 7.2 percent.

Joost van Linders, chief investment strategist at Van Lanschut Kempen, said, "When you look at the growth in results over the whole year... that would be a significant improvement compared to previous years, so we are being cautious about that to see if it will materialize."

Despite gains on Wednesday, the index underperformed its Asian and US counterparts due to Europe's weak exposure to artificial intelligence stocks.

The Stoxx 600 index advanced 4.7 percent during the current quarter, compared with a rise of 13.8 percent for the Standard & Poor's 500 index, 30 percent for the index in Taiwan, and 55 percent for the index in South Korea.

Globally, investors focused on a key summit in Beijing, where US President Donald Trump is meeting with his Chinese counterpart Xi Jinping.