European Stocks See Worst Weekly Drop Since April on Iran War

European shares posted their steepest weekly decline since April as the war in Iran showed no sign of nearing a resolution.

The Stoxx Europe 600 Index was down 1% by the close, extending its weekly drop to 5.6%. Energy stocks outperformed as Brent crude topped $90 a barrel after a report that Kuwait had started cutting output and as the maritime traffic through the Strait of Hormuz effectively ground to a halt. All other sectors were in the red.