European shares are muted at the open as investors assess the latest round of US-Iran negotiations for signs of progress toward resuming shipping through the Strait of Hormuz, a critical artery for global oil trade, according to Reuters.

Brent Crude prices have declined 1.6 per cent, and are trading below $80 per barrel after mediators Qatar and Pakistan have said that Washington and Tehran had agreed on a roadmap for a final deal and measures to safeguard shipping through the Strait of Hormuz.