Europe open: Tech stocks under pump after Asia sell-off; Oil up on Hormuz jitters

(Sharecast News) - European shares opened lower on Tuesday and oil prices rose slightly amid reports that a tanker had been hit in the Strait of Hormuz while tech stocks fell on another sell-off in Asia. The pan-regional Stoxx 600 was down 0.05% to 650 at 0809 BST.

Brent crude moved back above $72 a barrel on a report that a liquefied natural gas carrier was hit by a projectile near the Omani coast as it exited the strait on Tuesday.

"The incident revives regional security concerns despite the late-June peace agreement and underlines why markets have been too quick to fully discount the Hormuz risk premium," said Patrick Munnelly at Tickmill Group.

"Shipping flows may have improved, but one projectile is enough to remind investors that energy tail risk has not disappeared."

Meanwhile, tech stocks were under pressure after trade on South Korea's stock market was temporarily halted with the Kospi index down by as much as 8% at one point. Samsung shares plunged 10% despite the electronics giant reporting a surge in profits.

The news hit European tech stocks such as ASML Holding, STMicroelectronics, Infineon and BE Semiconductor.

Reporting by Frank Prenesti for Sharecast.com