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European shares edged down on Monday, as an escalating U.S.-Iran conflict drove oil prices higher, stoking concerns over inflation ahead of another corporate earnings season.
The pan-European STOXX 600 index was down 0.2% at 640.45 points by 0703 GMT.
U.S. strikes on Iran entered a ninth straight day, and risks to shipping through the Strait of Hormuz mounted after reports of tankers being immobilised, which sent Brent crude prices above $90 a barrel for the first time in a month. [O/R]
Energy stocks rose 1.4%, while travel and leisure stocks fell 1.3%. Ryanair led losses on the STOXX 600, down 4.6% after the budget airline reported a 34% drop in first-quarter profit, hurt by higher fuel costs and lower fares.
Meanwhile, tech stocks were up 0.4%, ahead of earnings from U.S. Big Tech stocks, which could provide fresh stimuli to an eye-popping AI-driven rally. Last week, an upbeat forecast from ASML and stellar results from TSMC failed to impress.
Read more Oil jumps 3% as US, Iran expand strikes in the Middle East
Focus will also be on the European Central Bank’s meeting later this week, where the central bank is widely expected to hold interest rates steady.
(Reporting by Tharuniyaa Lakshmi and Purvi Agarwal in Bengaluru; Editing by Harikrishnan Nair)
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