European stock markets fell, with energy stocks dragging down the broader market. Shell declined 2.9% after announcing a reduction to its share buyback program. The STOXX Europe 600 Index closed down 1.1%. In corporate earnings, Italian spirits maker Davide Campari-Milano NV saw its stock plunge 14% after reporting revenue growth that fell short of expectations. Italian pipeline manufacturer Tenaris SA dropped 6.9% after issuing cautious guidance for the second quarter. Meanwhile, tensions remain high in the Persian Gulf and Lebanon region. The United States is awaiting a response from Iran on a proposal to reopen the Strait of Hormuz and end the conflict. Tehran is expected to provide its answer within the coming days.