European Shares Drift Lower As Brent Crude Prices Jump Toward $115

(RTTNews) - European stocks traded lower on Wednesday, extending losses from the previous session after the Wall Street Journal reported that U.S. President Donald Trump was unhappy with Tehran's latest proposal to end the war and has instructed aides to prepare for an extended blockade of Iranian ports.

Fears of tightened supply sent Brent crude prices soaring toward $115 a barrel, rekindling inflation and interest-rate worries.

The pan-European STOXX 600 was down 0.4 percent at 604.35 after falling 0.4 percent on Tuesday.

The German DAX slipped 0.3 percent, France's CAC 40 shed 0.6 percent and the U.K.'s FTSE 100 was down 0.7 percent.

Swiss dental implants maker Straumann Holding rose nearly 2 percent after it delivered 7.1 percent growth in organic revenue for the first quarter of 2026, exceeding analysts' estimates.

Banking giant UBS surged 4.7 percent after profits jumped 80 percent in the first quarter.

Drugmaker Sandoz fell 2.4 percent despite reporting strong biosimilars growth in Q1 of 2026.

Iberdrola, Europe's largest utility, lost about 2 percent after Q1 net profit declined 15 percent year-on-year.

British drugmaker GSK traded 1.8 percent lower despite delivering strong Q1 performance and affirming its 2026 guidance.

Likewise, AstraZeneca dropped 1.3 percent despite posting better-than-expected first-quarter earnings.

Lender Lloyds Banking Group dropped 1 percent after it warned of the impact from the Iran war on the global economy.

Dutch operator KPN gave up 2.7 percent after reporting a modest 2.1 percent rise in Q1 sales.

German sportswear brand Adidas soared 6 percent after reporting stronger-than-expected first-quarter operating profit and sales.

Lender Deutsche Bank fell 1.7 percent after revealing higher credit risk provisions and negative currency impacts.