Business
FTSE 100 edges lower amid new US-Iran uncertainty
The FTSE 100 posted modest falls on Monday as the oil price topped 100 dollars per barrel once more as the US pressed ahead with a naval blockade of the Strait of Hormuz.
US President Donald Trump announced he would blockade the key shipping route after vice president JD Vance left weekend negotiations with an Iranian delegation in Pakistan without a deal.
The FTSE 100 closed down 17.57 points, 0.2%, at 10,582.96. The FTSE 250 ended down 74.13 points, 0.3%, at 22,276.89, but the AIM All-Share rose 4.83 points, 0.6%, to 782.31.
News of the breakdown in talks between the US and Iran dealt a blow to those hoping for an end to the conflict, sending oil prices higher once more.
The US set a deadline of 2pm on Monday to begin a partial blockade of the Strait of Hormuz, through which a fifth of the world’s oil and gas passes.
“The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” the US Central Command posted on X.
The threat comes as Tehran has already effectively closed the Strait of Hormuz to oil and other traffic since the start of US-Israel strikes on Iran in late February.
“Reopening the Strait of Hormuz remains the key requirement for reigniting a sustainable rally across risk assets,” said David Morrison, an analyst at Trade Nation.
“Yet there’s also a conviction, rightly or wrongly, that the war will end relatively soon,” he said, noting that oil futures contracts for deliveries later this year are currently priced well below current market prices.
“As far as oil traders are concerned, this war may be in its seventh week, but it should be resolved by summer,” Mr Morrison said.
Brent oil traded higher at 101.95 dollars a barrel on Monday afternoon, up from 96.14 dollars at the time of the equities close in London on Friday.
“Although oil prices have jumped back above the 100 dollars level, the fact that they have not returned to pre-ceasefire highs above 111 dollars per barrel for Brent has tempered the sell-off in risky assets at the start of this week. The peace talks between Iran and the US at the weekend was not a single event, but should be viewed as a process, and there are hopes that more talks will continue,” observed Kathleen Brooks, research director at XTB.
In European equities on Monday, the CAC 40 in Paris closed down 0.3%, as did the DAX 40 in Frankfurt.
In New York, markets were mixed. The Dow Jones Industrial Average was down 0.6%, the S&P 500 was little changed, and the Nasdaq Composite was up 0.3%.
Shares in Goldman Sachs fell 3.6% despite better-than-expected first quarter earnings.
Kicking off a busy week of US banking results, Goldman reported 17.23 billion dollars in total net revenue, up 14% from 15.06 billion dollars the year prior.
But Citigroup analyst Keith Horowitz said an impressive equities performance was offset by a large CET1 capital ratio decline and a weak contribution from its Fixed Income, Currencies & Commodities division.
The yield on the US 10-year Treasury was at 4.33% on Monday, widened from 4.30% on Friday. The yield on the US 30-year Treasury stretched to 4.93% on Monday from 4.90%.
The pound fell to 1.3451 dollars on Monday afternoon from 1.3472 dollars on Friday. Against the euro, sterling rose to 1.1492 euros from 1.1482 euros.
In London, Associated British Foods fell 2.0% as RBC Capital Markets downgraded to ‘underperform’ from ‘sector perform’ seeing further downside risk to consensus earnings forecasts, mainly due to pressure on its largest business, retailer Primark.
On the FTSE 250, Wickes was knocked back 5.1% after a downgrade to ‘hold’ from ‘buy’ by Panmure Liberum which thinks consensus forecasts are too ambitious.
While recruiter Hays fell 2.1% amid the uncertain economic outlook amid the Middle East crisis, and ahead of a trading statement this week.
The US-Iran war weighed on travel operators with budget airlines easyJet and Wizz Air down 2.4% and 5.4%, while cruise operator Carnival lost 2.6% and travel retailer WH Smith declined 3.2%.
Meanwhile, Essentra tumbled 11% as Deutsche Bank downgraded to ‘hold’ from ‘buy’ believing there is a “meaningful risk” that input cost inflation hits demand, particularly in the Europe, Middle East & Africa region.
This would “once again” defer Essentra’s recovery, the bank said.
Elsewhere, Mothercare plunged 21% after reporting lower earnings and sales in financial 2026 amid ongoing Middle East uncertainty.
The Watford-based retailer, which specialises in products for newborn babies and children, said adjusted Ebitda fell to £1.3 million from £3.5 million, while worldwide retail sales by franchise partners declined 22% to £180 million.
Mothercare said the Middle East conflict had an impact of £100,000, citing continued uncertainty for franchise partners in the region. However, it described the recent performance as “usefully resilient” ahead of financial 2027.
Gold traded at 4,714.40 dollars an ounce on Monday, down from 4,775.63 dollars at the same time on Friday.
The biggest risers on the FTSE 100 were Metlen Energy & Metals, up 1.04p at 33.32p, Sage Group, up 23.40p at 841.00p, 3i Group, up 68.50p at 2,759.00p, London Stock Exchange, up 222.00p at 9,190.00p and BAE Systems, up 51.50p at 2,245.50p.
The biggest fallers on the FTSE 100 were United Utilities, down 32.00p at 1,362.00p, Severn Trent, down 71.00p at 3,184.00p, National Grid, down 27.80p at 1,319.80p, Marks & Spencer, down 7.50p at 357.40p and Fresnillo, down 72.00p at 3,524.00p.
Tuesday’s global economic calendar has China trade figures overnight and US producer price inflation data.
Contributed by Alliance News
Business
First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry – The Times of India
In the middle of the ongoing Middle East conflict, India has received around 4 million barrels of crude from Iran. This is the first time in around seven years that India has procured crude oil from Iran. India is looking to quickly secure supplies ahead of a deadline set by the Donald Trump administration that expires over the weekend.India, which relies heavily on imported energy and is sensitive to price fluctuations, has felt the impact of disruptions in global oil flows following strikes by the United States and Israel on Iran since late February.
To manage the situation, it has made use of temporary waivers granted by Washington that permitted purchases of previously restricted Russian and Iranian crude, aimed at easing global oil prices. One of these waivers has already lapsed, while the other is set to expire soon unless extended at the last moment.
India Receives Crude Oil From Iran
A Bloomberg report quoting sources familiar with the matter and vessel-tracking data from intelligence firms Kpler and Vortexa, said that the very large crude carrier Jaya, fully loaded with Iranian oil, is currently unloading its cargo at Paradip on India’s eastern coast.Also Read | Atmanirbhar Bharat 2.0 push: Amid Middle East conflict, India working on self-reliance in energy, nuclear power Another tanker, Felicity, is carrying out similar operations at Sikka on the western coast. Both vessels, which are under US sanctions, are expected to leave Indian ports by Friday, based on port documents reviewed by Bloomberg News.Indian Oil Corporation handles crude shipments at Paradip, while Sikka is used by Reliance Industries and Bharat Petroleum Corporation, which operates a single-point mooring facility in the area.India had been a major importer of seaborne Russian crude until last year and quickly ramped up those purchases. However, refiners have faced greater challenges in sourcing and paying for Iranian shipments due to continuing financial sanctions. Earlier this month, India indicated that it would procure crude from Iran, among other sources, to deal with the ongoing supply strain.The arrival of cargoes carried by the tankers Jaya and Felicity, both under US sanctions for their role in transporting Iranian oil, suggests that alternative arrangements have been put in place to facilitate these imports, the report said.Meanwhile, another Iran-linked vessel, Derya, is currently positioned off India’s western coast with a full load of crude. The tanker had taken on cargo at Kharg Island in late March, but may have missed the deadline tied to the US waiver. It is currently signaling that it is awaiting further instructions, indicating that it has yet to secure a destination port.Also Read | Trump’s blockade of Strait of Hormuz begins: How will India be impacted?
Standard Life has agreed to buy rival Aegon’s UK business for £2 billion in a move set to create a pension and savings giant.
The deal will see Standard Life, recently rebranded from Phoenix Group, oversee 16 million customers and £480 million in assets under administration.
Under the terms, Standard Life will pay £750 million in cash, part-funded through debt, and issue 181.1 million new shares to Dutch financial firm Aegon.
The transaction will grant Aegon a 15.3 per cent stake in the FTSE 100-listed Standard Life, along with the right to appoint one non-executive director to the combined group’s board.
Andy Briggs, Standard Life chief executive, said the agreement to acquire Aegon UK “significantly accelerates our vision to be the UK’s leading retirement savings and income business”.
“Together, we will not only be stronger, we will be better.”
Standard Life is understood to have seen off rival bidders, such as Lloyds Banking Group and Barclays, to secure the deal.
Amsterdam-listed Aegon, which is based in Schiphol in the Netherlands, put its UK arm up for sale at the end of last year as part of a group-wide overhaul that will see it move its headquarters to the US and be renamed as Transamerica.
Standard Life said the deal – set to complete around the end of 2026 – will catapult it to second place in Britain’s retail pensions and savings market and in the same position for workplace pensions, adding Aegon UK’s 3.8 million customers and £160 billion in assets under management.
It is aiming to drive savings of £110 million a year after the deal, with over half delivered by the end of 2029 and the rest by the end of 2031, driven by cuts made across combined group and head office operations and as the pair integrate their platforms.
Lard Friese, Aegon chief executive, said: “The businesses are complementary and the combination offers an excellent outcome for Aegon UK’s customers and colleagues.
“Aegon’s shareholding will provide an opportunity to participate in the future success of the enlarged group.”
Phoenix Group bought Standard Life’s insurance business from the then Standard Life Aberdeen in 2018 and announced plans to rebrand as Standard Life last year.
It also has brands including SunLife, Phoenix Life, ReAssure and Phoenix Wealth.
Panmure Liberum analyst Abid Hussain said: “Overall, this looks like a good deal, although there will be questions on why the expense and capital synergies take five years to fully realise; we would ordinarily expect this to be achieved in three years.”
Business
Fuel Prices Pakistan: Iran war impact: Will Pakistan be forced into rationing fuel if conflict drags on? – The Times of India
Pakistan could be forced to consider fuel rationing at petrol pumps if the ongoing US-Iran conflict continues for a prolonged period, finance minister Muhammad Aurangzeb has said.Speaking at the World Bank–IMF Spring Meetings 2026 in Washington, DC, Aurangzeb indicated that while Islamabad has so far avoided rationing, the situation remains fluid and dependent on how the conflict evolves.
“So far we have stayed away from interventions at the gas stations and at the petrol pumps… from our perspective that’s a much better way to go than going into rationing,” he said, while responding to a question on whether Pakistan may impose fuel restrictions.
Govt prefers price mechanism over rationing
The minister explained that the government is currently relying on price adjustments and targeted subsidies to manage demand, rather than imposing strict supply controls.“What we’ve seen is it has led to law and order situations in other countries,” he said, referring to rationing measures elsewhere. “If demand destruction can be done through price transmission combined with targeted subsidies… that’s a much better way to go.”However, he cautioned that this approach may not hold if the crisis deepens. “I have to put an asterisk there, it all depends how long this goes and how far this goes,” he added, signalling that rationing remains a fallback option.
Oil crisis driven by Hormuz disruption
The warning comes amid heightened global energy volatility triggered by the US-Iran war, which has disrupted supplies through the Strait of Hormuz — a key route for nearly a third of global oil flows,.Pakistan, which imports around 85% of its fuel through the strait, is particularly vulnerable to supply shocks and rising prices. The country has already witnessed sharp fuel price hikes in recent weeks, sparking protests and forcing the government to roll back increases.
Rising prices, public pressure shape policy
Petrol prices in Pakistan surged by over 40% earlier this month before being partially reduced following public backlash. The spike pushed transport costs higher and triggered unrest in several regions.To cushion the impact, the government introduced targeted subsidies for transporters, farmers and other key groups, alongside relief measures such as free public transport in some areas.Aurangzeb’s remarks highlight the delicate balancing act facing Islamabad managing dwindling energy supplies while avoiding public unrest, as the Middle East conflict continues to cast a long shadow over global oil markets.
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