European stocks opened lower on Monday after last week's sharp losses, as tensions between the US and Iran escalated, prompting Iran to close the Strait of Hormuz and raising investor concerns.
The European «Stoxx 600» index fell by 0.3 percent to 639.29 points by 07:02 GMT, after recording its largest weekly loss since late April on Friday, according to «Reuters».
The recent escalation in the conflict has raised questions about the future of the US-Iran agreement reached last month, which aimed to resume navigation through the Strait of Hormuz and pave the way for further negotiations.
Oil prices surged by more than 4 percent, supporting energy sector stocks listed on the «Stoxx 600», which rose by 1.6 percent.
Investors are also looking forward to the upcoming earnings season for indicators that support stock performance, especially in the technology sector, where valuations face risks of over-exaggeration.
The technology sector came under pressure on Monday, declining by 1.2 percent, influenced by falling shares of competing Asian tech companies after the South Korean company «SK Hynix» was listed on the «Nasdaq» on Friday, where shares of the leading global AI memory chip maker rose by 12.8 percent on the first day of trading.
On the individual stock front, shares of «Akzo Nobel», the producer of «Dulux» paints, rose by 3 percent after «Nippon Paint» made a bid to acquire its decorative paints division for €7.5 billion ($8.55 billion).