European Shares Flat; Rheinmetall Slumps Amid Iran Uncertainty

By EC Assets · Published 24 June 2026

European shares traded flat today as uncertainty surrounding Iran weighed on markets. German defense firm Rheinmetall experienced a significant decline in its stock value. This market movement occurred amid reports of US-Iran talks. Rheinmetall's stock fell by 18%. This decline followed reports that Germany is reconsidering its warship procurement plans. Defense stocks broadly saw a downturn on these reports. US and global benchmark oil prices have returned to levels last seen before the US-Israeli conflict with Iran began in late February. This occurred as physical oil flow through the Strait of Hormuz improved. Brent crude reached its lowest level since before the war started, with more tankers exiting Hormuz. Since the Iran deal, oil tankers carrying 35 million barrels have transited the Persian Gulf via the Strait of Hormuz. The US Treasury will oversee frozen Iranian funds once they are released. Former US President Donald Trump stated that Iran has assured the US there will be no tolls imposed on the Strait of Hormuz. This article is intended for informational purposes only. It does not constitute investment advice.