Oil prices soared, various sectors of European stock markets fell uniformly.

As oil prices soar to over $110 per barrel and conflicts in the Middle East intensify, European stock indices opened sharply lower. Basic materials stocks plummeted, with mining stocks dragging down the UK's FTSE 100 index by 1%. Banking stocks also fell, with Standard Chartered Group dropping 4.9% and NatWest falling 5.2%. Germany's DAX index, which is dominated by industrial stocks, fell by 1.5%. Concerns over a potential interest rate hike by the European Central Bank this year caused real estate stocks in the index to plummet by 5.7%. France's CAC 40 index dropped by 1.2%, dragged down by consumer-sensitive stocks like basic materials and luxury goods. Hotel group Accor slipped by 4.4%. Spain's IBEX 35 index and Italy's FTSE MIB index both fell by 1.5% and 1.25%, respectively, due to selling pressure on banking and industrial stocks. ASML dropped by 1.6% in the Amsterdam market.