Global Market: European shares fall as US-Iran tensions rattle markets; BP gains, Ericsson slumps

European shares declined 0.4% as escalating US-Iran tensions pushed Brent crude up 2.6% to around $85 per barrel after a third consecutive night of US strikes on Iran, alongside Trump's announcement of a blockade on Iranian shipping and a 20% fee on Hormuz Strait cargo. Travel and leisure stocks led losses, with Air France and Lufthansa each falling about 2% on fuel cost concerns, while energy stocks gained 1.4%. BP rose 3% on expected stronger Q2 trading results, Ericsson slumped 8% after missing quarterly sales estimates and warning on rising component costs, and Evotec plunged 30% after cutting its 2026 outlook.