11:46 AM EDT, 05/08/2026 (MT Newswires) -- The European stock markets were tracking lower, and oil prices were rising Friday following media reports that the US-Iran ceasefire remains tenuous after the two exchanged fire in the Strait of Hormuz.

The Stoxx Europe was declining 0.8%, Germany's DAX was shedding 1.4%, the FTSE 100 was off 0.4%, France's CAC was falling 1.3%, and the Swiss Market Index was down 0.4%.

And in corporate news, Novo Nordisk saw a 40% month-on-month surge in April sales of its diabetes and weight-loss drugs in India after slashing prices, despite a flood of generic versions, Bloomberg News reported Friday, citing data from market researcher Pharmarack.

April marked the first full month since generic semaglutide entered the Indian market.

Sales of Wegovy, Ozempic and partner-branded versions increased to 32,000 units last month, while cheaper generics helped expand the overall market 56% to 414,000 units, according to the report. The aggressive pricing helped the Danish drugmaker defend its market share against low-cost rivals, a Pharmarack executive told Bloomberg News.

Novo Nordisk did not immediately respond to MT Newswires' request for comment.

Shares of Novo Nordisk were moving 1.8% lower in Copenhagen.

Stellantis said Friday it is exploring the expansion of its strategic partnership with Zhejiang Leapmotor Technology.

The expansion is aimed at increasing production at Stellantis' plant in Zaragoza, Spain, where an all-new electric battery-powered Opel C-SUV would be added on a new line alongside Leapmotor's C-SUV B10 model.

The companies are also looking at expanding the Stellantis-led Leapmotor International joint venture's purchasing initiatives to increase Stellantis' European battery electric vehicle affordability and accelerate time-to-market for new model.

Shares of the automaker were up 1.3% in Paris.

Shell CEO Wael Sawan said late Thursday that the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day."

Speaking during Shell's first-quarter earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time.

He said Shell was already seeing the impact across the refining market, with some demand destruction emerging in sectors such as aviation.

Shares of the oil and gas giant were off 0.5% in London.

Rio Tinto is weighing whether to increase its 17.2% stake in McEwen Copper's Los Azules project in Argentina, Reuters reported Friday, citing two industry sources.

Rio Tinto didn't immediately reply to a request for comment from MT Newswires.

Shares of the mining company were edging 0.2% higher in London.