An oil pumpjack operates in the Inglewood Oil Field on March 10, 2026 near Los Angeles, California.
Mario Tama | Getty Images
LONDON — European stocks extended losses on Thursday as investors monitor the Iran war and volatile global oil prices.
Shortly after the opening bell, the pan-European Stoxx 600 was down 0.5%, with most sectors and major bourses in negative territory.
Oil prices are in focus after the International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war.
The IEA did not set out a timeline for when the stocks would hit the market. It said that the reserves would be released over a timeframe that is appropriate to the circumstances of each of its 32 member countries.
Oil prices jumped more than 8% overnight despite the IEA’s move, with Brent crude hitting $100 a barrel as traders remain unconvinced that the strategic release will offset a global supply shock caused by the war.
In other news, the Trump administration on Wednesday announced new trade investigations into the European Union and more than a dozen other economies.
The probes will be conducted under Section 301 of the Trade Act of 1974, U.S. Trade Representative Jamieson Greer told reporters. That law permits the U.S. to impose tariffs on imported goods from other nations found to have engaged in unfair trade practices.
In corporate news, shares of Leonardo popped 7.7% in early morning trade after the Italian defense giant reported stronger-than-expected revenues of 19.5 billion euros ($22.5 billion) and a full-year net profit of 1 billion euros, up 19% from the previous year.
Leonardo said it expects revenues to rise to around 21 billion this year. The group is targeting revenues of 30 billion euros by 2030, with cumulative orders forecasted at 142 billion euros over the next five years.
Elsewhere, German autos giant BMW said Thursday that net profit for 2025 exceeded 7 billion euros, slightly above the consensus estimate compiled by LSEG. However, the company cited “tariff-related burdens” facing the wider vehicle sector, which it said would impact its EBIT margin in its automotive division by around 1.25 percentage points this year.
Shares of the carmaker were last seen around 2.7% lower, with the auto sector down 1.1%.
Savills announced the $1.1 billion takeover of US-based real estate investment bank Eastdil Secured alongside a solid full-year earnings report.
The UK-based real estate agent said profits before tax jumped 11% in 2025 to £145 million ($194 million), as the group revealed its expansion into the US market.
But Savills shares were last seen trading down 4.4% as investors digested the details of the acquisition.
— CNBC’s Dan Mangan contributed to this market report.
