London open: FTSE nudges up amid hopes US-Iran peace talks will resume

(Sharecast News) - London stocks nudged higher in early trade on Tuesday while oil prices dipped amid hopes the US and Iran will resume peace talks, despite the start of the US blockade of the Strait of Hormuz. At 0825 BST, the FTSE 100 was up 0.1% at 10,593.25, while Brent crude was down 1.3% at $98.05 a barrel.

Sentiment was lifted after US president Donald Trump said Iran had called and wants to make a deal following failed peace talks between the two in Islamabad over the weekend. Speaking to reporters at the White House on Monday, Trump said Iran wanted to a make a deal "very badly". He also insisted that any framework depends on Iran not having a nuclear weapon.

Patrick Munnelly at Tickmill Group said: "Overall, equities are on the rise as investors are encouraged by the prospect of US-Iran discussions advancing, bolstering confidence in a potential deal despite ongoing tensions.

"The blockade is seen as a strategic move to limit Iran's oil revenues while ensuring secure shipping routes, which reinforces hopes that energy supplies might eventually stabilise."

On home shores, industry data showed that retail sales shone in March after shoppers splashed out on food and drink for Easter.

According to the latest BRC-KPMG retail sales monitor, total UK sales rose by 3.6% in the five weeks to 4 April, compared to growth of 1.1% a year previously and a 1.1% rise in February 2026.

Driving the rise were food sales, which spiked 6.8%. Non-food sales edged up 0.9% higher. Sales in store were 1.4% higher, compared to the modest 0.1% uplift seen online.

Helen Dickinson, chief executive of the British Retail Consortium, said: "An early Easter provided a much-needed boost to food sales as families came together over the long weekend. Non-food was more uneven: demand was robust for computers, toys and homeware, but clothing and footwear continued to struggle."

Easter fell into the March reporting period in 2026, but the later timing in 2025 meant it was included in the April period in 2025.

However, Dickinson added: "Retailers hope that the Middle East ceasefire will bring lasting stability, but the outlook remains uncertain. Damage to supply chains has already been done and rising costs - from shipping and fertiliser to insurance and commodities - are piling yet more pressure onto already stretched retailers."

Looking to the rest of the day, US bank earnings will be in focus as quarterly results from JPMorgan, Wells Fargo and Citigroup are due.

In UK equity markets, Intertek surged to the top of the FTSE 100 as it reiterated its full-year guidance, reported a "strong" start to the year and said it was evaluating the potential separation - either through a sale or demerger - of its energy and infrastructure business.

Oxford Instruments rallied after saying it expects to deliver a "resilient" full-year performance in line with market expectations for revenue of £420.7m and adjusted operating profit of £71.3m.

Heavily-weighted miners were trading higher, with Antofagasta, Anglo American and Glencore among the top performers as copper prices rose.

BP fell despite saying that the first quarter oil trading result was set to be "exceptional", after the outbreak of war in the Middle East caused energy prices to soar. Upstream oil production and operations was forecast to be slightly lower than the fourth quarter, and gas and low carbon energy slightly higher.

But the spike in energy prices at the end of the quarter meant BP now expects stronger realised refining margins in the range of +$0.1bn to $0.2bn.

The drop in the share price coincided with lower oil prices, with Shell also weaker.

Tobacco company Imperial Brands slumped as it reiterated its full‑year guidance but cautioned that the conflict in the Middle East has resulted in "a more uncertain geopolitical and macro environment". It said that while there has been no material business impact to date, the potential future impact during the second half remains uncertain.

British American Tobacco also lost ground.

Recruiter PageGroup was little changed as it said first-quarter gross profit fell 3.9% to £187m as an uncertain economic environment in Europe and the Middle East offset growth in Asia and the Americas.

In broker note action, miner Glencore was boosted by an upgrade to 'buy' at HSBC, while Standard Chartered gained after an upgrade to 'outperform' by BNP Paribas.

Market Movers

FTSE 100 (UKX) 10,593.25 0.10% FTSE 250 (MCX) 22,424.96 0.66% techMARK (TASX) 5,856.18 0.13%

FTSE 100 - Risers

Intertek Group (ITRK) 4,301.00p 12.65% Fresnillo (FRES) 3,632.00p 3.06% Antofagasta (ANTO) 3,871.50p 2.77% Anglo American (AAL) 3,589.50p 2.38% Metlen Energy & Metals (MTLN) 34.07p 2.31% Glencore (GLEN) 574.30p 1.95% Spirax Group (SPX) 7,466.00p 1.91% International Consolidated Airlines Group SA (CDI) (IAG) 390.40p 1.78% Croda International (CRDA) 2,971.00p 1.36% NATWEST GROUP (NWG) 620.80p 1.34%

FTSE 100 - Fallers

Imperial Brands (IMB) 2,963.50p -3.81% British American Tobacco (BATS) 4,313.00p -0.99% BAE Systems (BA.) 2,221.00p -0.82% Admiral Group (ADM) 3,303.00p -0.75% Vodafone Group (VOD) 115.90p -0.56% Haleon (HLN) 358.80p -0.55% National Grid (NG.) 1,317.20p -0.52% BT Group (BT.A) 214.50p -0.44% Unilever (ULVR) 4,285.00p -0.23% HSBC Holdings (HSBA) 1,333.00p -0.18%

FTSE 250 - Risers

XPS Pensions Group (XPS) 309.50p 4.93% Oxford Instruments (OXIG) 2,774.00p 4.68% Bridgepoint Group (Reg S) (BPT) 245.60p 4.19% Hilton Food Group (HFG) 517.50p 3.86% IP Group (IPO) 57.40p 3.61% Pets at Home Group (PETS) 184.50p 3.47% Oxford Nanopore Technologies (ONT) 110.90p 3.42% Hochschild Mining (HOC) 678.50p 2.89% W.A.G Payment Solutions (EWG) 119.00p 2.76% Genuit Group (GEN) 307.80p 2.60%

FTSE 250 - Fallers

Shawbrook Group (SHAW) 342.50p -3.61% Vesuvius (VSVS) 418.40p -2.43% Ithaca Energy (ITH) 251.80p -1.71% Frasers Group (FRAS) 652.00p -1.51% GB Group (GBG) 195.85p -1.51% Diversified Energy Company (DI) (DEC) 1,206.00p -1.47% BlackRock World Mining Trust (BRWM) 980.00p -1.01% Harbour Energy (HBR) 280.20p -0.85% Pantheon International (PIN) 367.50p -0.68% SDCL Efficiency Income Trust (SEIT) 41.95p -0.59%