11:46 AM EDT, 06/01/2026 (MT Newswires) -- The European stock markets were lower in Monday trading while oil prices soared as fighting in the Middle East reignited after the US and Iran failed to agree on a peace treaty over the weekend.

The Stoxx Europe dropped 1%, Germany's DAX fell 0.5%, the FTSE 100 lost 0.9%, France's CAC declined 0.8%, and the Swiss Market Index shed 1.7%.

The euro area and European Union seasonally adjusted unemployment rate was 6.3% and 6.0% respectively in April, which was unchanged for both from March, according to Eurostat, the statistical office of the EU.

And in corporate news, Ferrari is facing a backlash in Italy over the design of its new Luce, a fully electric vehicle which breaks away from the sports car's traditional look, the Financial Times reported Saturday.

The report cited Transport Minister Matteo Salvini, former company executives, and online influencers critical of the 550,000 euro ($641,000) car, which was designed in collaboration with a former Apple design chief over five years. Criticism has been directed at Ferrari Chair John Elkann, the report said.

Ferrari did not immediately reply to MT Newswires' request for comment.

Shares of the Italian luxury sportscar maker gained 0.8% in Milan.

BP is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported Monday. Financial details of the transaction were not disclosed.

The sale is part of BP's portfolio management strategy of onboarding a partner to advance the project, the reports said, citing an emailed statement from BP. The project is expected to cost 48.7 billion Australian dollars ($34.97 billion) according to the reports.

BP and GS Energy did not immediately respond to MT Newswires' requests for comments.

Shares of BP rose 3.2% in London.

Astrazeneca said Monday that Imfinzi, in combination with Imjudo, lenvatinib, and transarterial chemoembolization, or TACE, demonstrated meaningful improvement in progression-free survival versus TACE alone for patients with embolization-eligible unresectable liver cancer.

The Emerald-3 phase 3 trial results showed that the Single Tremelimumab-actl Regular Interval Durvalumab or STRIDE regimen combined with lenvatinib and TACE demonstrated a 30% reduction in the risk of disease progression or death versus TACE alone, the company said.

Shares of the British pharmaceutical company dropped nearly 3% in London.