European Stocks Fall On Geopolitical Tensions, Rate Hike Fears

European stocks closed broadly lower on Wednesday, extending recent losses, as higher oil prices, rising bond yields, worries about geopolitical tensions and prospects of interest rate hikes by major central banks continued to weigh on sentiment.

Oil prices moved up after the U.S. military hit targets in Iran and Tehran retaliated by firing missiles and drones at various sites across the region, heightening fears of supply disruptions and threatening commercial shipping through the Strait of Hormuz.