Europe open: Shares fall as oil prices, bond yields rise amid US-Iran stalemate

(Sharecast News) - European shares opened lower on Tuesday amid rising bond yields and higher oil prices as the supposed US-Iran 60-day "ceasefire" came to an end with zero progress made towards a peace deal and the Strait of Hormuz effectively closed. The pan-regional Stoxx 600 was down 0.24% to 654 at 0727 GMT with most major bourses lower. Spain;s IBEX bucked the trend with a 0.14% gain.

Brent crude jumped 0.44% to $91 a barrel after Iran on Monday said it would shift ⁠to a "fully offensive" military stance, according to a senior Iranian official. The US ruled out an extension of the temporary ceasefire ⁠pact.

Tensions were further heightened when a cargo vessel was struck by a projectile while transiting the strait, the UK Maritime Trade Operations agency said on Tuesday.

Meanwhile, the US 30-year treasury bond yield hit its highest level since June 2007, reaching an intraday high of 5.321%.

In equity news, Royal Unibrew slumped after a target price cut by Nordea.

Reporting by Frank Prenesti for Sharecast.com