European shares nudged lower ‌on Tuesday, with investors on edge after the U.S. and Iran launched fresh attacks in Gulf waters, while ​global oil prices remained elevated.

The pan-European STOXX 600 ​was down 0.1% at 604.68 points, as ⁠of 0704 GMT, after posting its biggest drop ​in a month on Monday. Major regional bourses were ​also trading lower, with London’s FTSE 100 down 1%.

The escalation in the Middle East conflict followed U.S. President Donald ​Trump’s attempt to get stranded vessels through the Strait ​of Hormuz, which connects the Gulf to wider markets and typically ‌carries ⁠oil and gas supply equal to about 20% of global demand every day.

Soaring oil prices have weighed on energy-dependent Europe, stoking inflation fears that have ​led to ​expectations of ⁠two to three European Central Bank rate hikes this year and dragged shares ​below pre-war levels.

Shares of HSBC shed ​5.1% after ⁠the lender reported an unexpected $400-million loss linked to a fraud case in Britain that resulted in first-quarter ⁠profit ​below estimates.

Anheuser-Busch InBev advanced 6.3% ​after the Belgian beer maker posted quarterly sales and profits well ​above forecast.