22.04.202616:09:08UTC+00European Stocks Drop for 3rd Session

European stocks fell for a third consecutive session on Wednesday, pressured by rising energy costs amid escalating geopolitical tensions in the Middle East. The Eurozone’s STOXX 50 declined 0.5% to 5,900, while the pan-European STOXX 600 slipped 0.3% to 614.

Oil and gas prices advanced after Iran attacked and seized commercial vessels near the Strait of Hormuz. The move came after US President Trump announced he would extend the ceasefire with Iran indefinitely, just ahead of its scheduled expiry, while maintaining the blockade at the key shipping chokepoint.

The risk-off mood weighed on consumer discretionary stocks, with LVMH and Adidas each dropping 2.5%. Higher energy costs also hurt industrials: Safran fell 3.5% and Airbus lost 2.5%. Meanwhile, Deutsche Telekom slid 4.6% on concerns over a potential merger with its US unit, T-Mobile.

In contrast, Siemens Energy jumped 7.1% after reporting strong results.