Oil Price Surge Sends European Markets Reeling Amid Inflation Worries

European stock markets fell on Tuesday due to concerns over rising oil prices and potential disruptions in energy supplies.

The pan-European STOXX 600 index dropped 0.6% to 646.1 points, while Germany's DAX shed 0.6%, London's FTSE lost 0.4%, and France's CAC 40 slipped 0.5%

Novartis was the top decliner in the STOXX 600, down 10.2% after the company reported that its del-desiran drug for myotonic dystrophy failed to meet its primary endpoint in late-stage testing.

Energy shares gained 0.6% as Brent crude futures traded around $98.5 per barrel following Iran's threat to retaliate against any new attacks by targeting energy infrastructure across the Gulf, including U.S. oil and gas interests.