European stock markets closed mixed in Wednesday trading as the Stoxx Europe 600 was little changed, Germany's DAX 40 dropped 0.7%, the FTSE 100 gained 0.2%, France's CAC 40 increased 0.5%, and the Swiss Market Index rose 1.3%.
Energy and mining stocks slumped as oil prices tumbled on reports that shipping traffic through the Strait of Hormuz has increased.
Global benchmark Brent crude dropped 3.5% to $73.457 a barrel, and West Texas Intermediate fell 3.3% to $69.93 a barrel.
In corporate news, the Netherlands is urging the US not to expand export controls on microchip equipment in a way that would restrict ASML's China sales, Bloomberg reported Wednesday, citing an interview with Dutch Trade Minister Sjoerd Sjoerdsma.
Shares of the Dutch semiconductor company declined 0.9% in Amsterdam.
Novartis will collaborate with Antares Therapeutics to discover, develop and commercialize small-molecule cancer therapies targeting historically difficult-to-drug oncology targets. Antares said it will receive $105 million upfront and may earn up to $1.8 billion in option, development, regulatory and commercial milestone payments, plus tiered royalties on future sales.
Shares of Novartis gained 0.5% in Zurich.
BHP and labor unions have not yet reached an agreement on wages and working conditions, though industrial action is not expected until their next bargaining meeting on July 7.
"While some progress was made, the parties are still some way from reaching an agreement that addresses the core concerns of our members," a spokesperson for the Combined BHP Ports Unions said.
Shares of the mining company fell 2.4% in London.
STMicroelectronics launched the ST54M, a secure mobile chip designed to help smartphone and electronics makers prepare for post-quantum cryptography requirements while integrating NFC, secure element and eSIM functions in a single device.
Shares of the French semiconductor company fell 0.7% in Paris.