* STOXX 600 up 0.2 pct to fresh 3-month high
* Crude price rally on Iran tension boosts oil stocks
* Iran-exposed stocks Airbus, Renault, PSA lag
* Siemens up 4 percent after guidance upgrade(For a live blog on European stocks, type LIVE/ in an Eikonnews window)
By Danilo Masoni
MILAN, May 9 (Reuters) - European shares were supported onWednesday by strength in oil stocks after U.S. President DonaldTrump pulled the United States out of Iran's nuclear agreement,boosting crude prices.
While some well-received earnings updates also providedsupport, shares in companies with exposure to Iran fell, withplane maker Airbus <AIR .PA> and car makers Renaultand PSA all trading down more than 1 percent.
By 0823 GMT, the pan-European STOXX 600 had risennearly 0.2 percent to fresh three-month highs, while highercrude prices helped the commodity-stocks-heavy FTSE indexgain 0.4 percent.
The oil and gas index was the biggest sectoralgainer, up 1.5 percent at a three-year high as crude ralliedafter Trump's move on Iran raised the risk of conflict in theMiddle East and cast uncertainty over global supplies.
"Whilst other signatories remain onboard, Trump’s decisionpotentially turns the geopolitical instability dial up a notch,especially in the Middle East," said Accendo Markets analysts ina note.
Shares in oil majors Total, Royal Dutch Shelland Eni were all trading up between 1.1 and2.3 percent.
But higher oil prices weighed on travel stocks likeairlines, whose sector index was also hit by a 1.8 dropin Europe's largest travel and tourism group TUI Group,as its earnings update failed to inspire.
Elsewhere, Siemens rose 4.6 percent after theGerman industrial giant raised its full year profit guidance,offsetting worries over exposure to Iran.
Analysts at Jefferies reiterated their buy rating on thestock, saying the quarterly performance of Siemens was strongapart from the results of its power and gas (PG) business.
"This was a very mixed picture from Siemens with PG takingthe shine off what were actually very good results... with thecore automation businesses doing especially well," they wrote.
In the consumer sector, AB Inbev gained 2.3 percentafter a reassuring quarterly update from the world's largestbrewer, while Imperial Brands advanced 4.3 percent afterthe tobacco company posted results that were slightly ahead ofestimates.
Equities in Europe have recently outperformed Wall Street,supported by a weakening euro against a surging dollar, whilethe earnings season has also been supportive.
According to Thomson Reuters data, earnings beats on theMSCI EMU index outnumbered missed by nearly 6 to 3 so far, withfirst quarter growth seen at 3.2 percent in local currency.
In M&A news, Vodafone agreed to pay $21.8 billion tobuy Liberty Global's assets in Germany and a number ofother countries to take on rivals with a broader offer ofsuperfast cable TV, broadband and mobile.
"We see the move (if completed) as positive strategically interms of creating a stronger, converged operator," said UBSanalysts, adding that the absence of an equity issuance to fundthe deal was a positive.(Reporting by Danilo Masoni; Editing by Jon Boyle)
