European shares slip on renewed US-Iran tensions

European shares edged lower on Monday as renewed U.S.-Iran tensions rattled markets, after Tehran closed the Strait of Hormuz, according to the report. The pan-European STOXX 600 index fell 0.3% to 639.29 by 0702 GMT, following the steepest weekly loss since late-April. Investors are again questioning the durability of a U.S.-Iran agreement reached last month, which sought to restore traffic through the waterway and enable further talks. Oil prices rose more than 4%, lifting energy stocks within the STOXX 600 by 1.6%. Tech stocks were under pressure, with the STOXX tech sector down 1.2%, tracking declines in Asia after SK Hynix’s Nasdaq debut surged 12.8%. Separately, AkzoNobel shares gained about 3% after Nippon Paint offered to buy its decorative paints business for €7.5 billion ($8.55 billion).