European equity markets were set to open lower on Wednesday, giving back some of the previous session’s gains, as investors continued to confront elevated geopolitical risk in the Middle East and renewed volatility in global energy markets. The US-Israeli campaign against Iran entered its 12th day with no clear path to resolution, in contrast to President Donald Trump’s assertion that the conflict could be brought to a swift close. At the same time, oil prices remained under pressure following reports that the International Energy Agency has proposed the largest strategic oil reserve release in its history in an effort to stabilize markets. In Europe, investors are awaiting final inflation figures from Germany, as well as retail sales data from Spain and Turkey. On the corporate front, quarterly results are scheduled from Inditex, Rheinmetall, Porsche, and several other major firms. In premarket trading, Euro Stoxx 50 futures were down 0.4%, while Stoxx 600 futures slipped 0.3%.