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City workers in the La Defense business district of Paris, France, on Thursday, Oct. 9, 2025. Nathan Laine | Bloomberg | Getty Images

Europe-listed shares traded sharply lower on Thursday, as fears of escalation in the U.S.-Iran war gripped global markets once again. The pan-European Stoxx 600 was 1.1% lower shortly after 12:15 p.m. in London, paring greater losses earlier in the session. Most sectors and major regional bourses remain firmly in negative territory.

Chipmakers were hardest hit, with the Stoxx Europe Technology index falling 3.1% and heading for its worst day since February 3. In an address to the American people on Wednesday evening, U.S. President Donald Trump said he expected the war to last another two to three weeks, during which time U.S. forces will "hit" Iran "extremely hard."

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U.S. stock futures tumbled as Trump's speech drew to a close, reversing a rally seen in Wall Street's regular session on Wednesday. On Thursday morning, futures data pointed to a notably lower open for New York-listed stocks ahead of the opening bell. Stocks listed in Asia also reversed gains on Thursday as investors digested Trump's latest update. Oil prices surged in the wake of the president's address, with global benchmark Brent crude jumping more than 8% to trade at $109.10. Oil prices have skyrocketed since the U.S. and Israel launched strikes on Iran on Feb. 28, sparking retaliatory strikes across the Gulf from Tehran. Over the course of March, global benchmark Brent crude oil surged more than 60%, marking the biggest monthly price gain since records began in the 1980s.