Early market roundup: Stocks open higher as oil price lower; miners up

Stock prices in London were higher on Tuesday morning amid a decrease in the price of oil amid a US blockade of Iranian ports; meanwhile Intertek saw a share price jump as it announced a strategic review.

The FTSE 100 index opened up 32.56 points, 0.3%, at 10,615.52. The FTSE 250 was up 175.26 points, 0.8%, at 22,452.15, and the AIM all-share was up 2.70 points, 0.4%, at 785.01.

The Cboe UK 100 was up 0.4% at 1,059.06, the Cboe UK 250 was up 0.8% at 19,534.72, and the Cboe small companies was marginally down at 17,713.84.

In European equities on Tuesday, the DAX 40 in Frankfurt was up 1.1%, while the CAC 40 in Paris rose 0.5%, though gains were capped by a 2.7% fall in LVMH after it reported disappointing sales late Monday, citing weaker demand for high-end goods amid the Middle East conflict, particularly in its fashion and leather goods division.

Markets continued to digest developments in the Gulf after the US blockade of Iranian ports came into force at 15:00 BST on Monday, according to President Donald Trump.

US Vice-President JD Vance accused Iran of ‘economic terrorism’ earlier in the conflict by blocking the Strait of Hormuz.

‘Well, as the president of the United States showed, two can play at that game,’ Vance said. ‘If the Iranians are going to try to engage in economic terrorism… no Iranian ships are getting out, either.’

The US military has said it ‘will not impede’ ships using the strait to travel to and from non-Iranian ports. On Tuesday, shipping data indicated that at least one tanker had passed through, reportedly travelling from the United Arab Emirates to China.

Iran’s ambassador to the United Nations described the blockade as a ‘grave violation’ of the country’s sovereignty.

Meanwhile, diplomatic efforts elsewhere in the region showed tentative movement. Direct talks between Lebanese and Israeli officials are set to take place in the US later on Tuesday, marking the first such negotiations in decades.

Oil prices eased back from recent highs. Brent was trading at $97.90 a barrel early Tuesday, edging below the $100 mark and down from $101.95 late Monday.

The pound was quoted at $1.3532 early Tuesday, higher than $1.3451 at the London equities close on Monday. Against the euro, sterling fell to €1.1480 from €1.1492 a day prior.

The euro traded at $1.1794 early Tuesday, higher than $1.1705 late Monday. Against the yen, the dollar was quoted at JP¥159.03, lower versus JP¥159.10.

On London’s FTSE 100, Intertek was the standout performer, surging 13% after reporting a strong start to 2026 and announcing a strategic review that could lead to a split of the business into two separate ATIC companies.

The testing, inspection and certification firm said first-quarter revenue rose 3.7% to £838.5 million from £808.9 million a year earlier. Like-for-like revenue increased 2.4% to £828.3 million, while on a constant currency basis, like-for-like revenue climbed 5.4%, reflecting what it described as robust demand across its portfolio.

Alongside the trading update, Intertek launched a strategic review to evaluate the potential separation of its Energy & Infrastructure division, including a possible sale or demerger, with the aim of creating two independent global businesses.

The company said the review is expected to be implemented by mid-2027.

Miners were also in demand. Antofagasta rose 2.7%, Metlen Energy & Metals gained 2.5%, Anglo American added 2.2%, and Fresnillo advanced 2.2%.

Gold was quoted at $4,770.54 an ounce, edging up from $4,765.99 late Monday, supporting precious metal producers.

At the other end of the FTSE 100, Imperial Brands fell 5.9% despite reiterating its full-year guidance and reporting a positive start to its 2030 transformation strategy, with first-half trading in line with expectations.

The tobacco group said it expects low-single-digit growth in net revenue from tobacco and next-generation products in the first half, supported by pricing and innovation.

Imperial continues to expect at least high-single-digit earnings per share growth and free cash flow of at least £2.2 billion for the full year, alongside 3-5% adjusted operating profit growth.

The company noted no material impact from Middle East tensions so far, though uncertainty remains for the second half.

On the FTSE 250, Aston Martin Lagonda Global Holdings jumped 9.1% after Deutsche Bank Research cut its price target to 55 pence from 65 pence but reiterated a ’hold’ rating.

Among smaller caps, Block Energy leapt 32% after saying it retains 100% of Projects I, II, IV and CCS, while Zhijiang Sanning will acquire a 51% stake in Project III.

Forgent tumbled 28% after exercising an option to acquire a 51% stake in the Peak Hills gold-copper exploration project.

Forgent said the consideration totals $1.2 million, comprising $206,000 in cash with the remainder in shares. It also plans to place at 0.015p per share to raise £1.3 million to fund the cash portion of the deal and support due diligence on other potential new assets.

In Asia on Tuesday, the Nikkei 225 index in Tokyo closed up 2.4%. In China, the Shanghai Composite ended up 1.0%, while the Hang Seng index in Hong Kong also rose 1.0%. The S&P/ASX 200 in Sydney closed up 0.5%.

Chinese President Xi Jinping said Tuesday that Beijing would play a ‘constructive role’ in promoting peace talks in the Middle East, according to state media.

Xi made the comments during a meeting in Beijing with Abu Dhabi Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, outlining proposals for maintaining peace in the Middle East and Gulf region.

A first round of discussions between Iran and the US held in Pakistan over the weekend failed to produce a deal, with US Vice President JD Vance saying the ball was now in Iran’s court to end the war.

‘Xi Jinping stressed China’s principled stance of promoting peace and urging talks, and reiterated it will continue to play a constructive role on this,’ state news agency Xinhua reported.

Separately, China vowed to impose ‘countermeasures’ after Trump threatened new tariffs on Chinese goods if Beijing provided military assistance to Iran during the conflict.

In the US on Monday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.6%, the S&P 500 up 1.0% and the Nasdaq Composite up 1.2%.

The yield on the US 10-year Treasury was quoted at 4.28%, narrowing from 4.33%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.93%.

Still to come on Tuesday’s economic calendar are the International Energy Agency’s oil market report and US producer prices.

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