14th Apr 2026 06:51
(Alliance News) - Stocks in London are set to open slightly higher on Tuesday, as Brent crude eases back below the USD100 mark despite the start of a US blockade on Iranian ports and the Straight of Hormuz.
IG says futures indicate the FTSE 100 to open 7.9 points higher, up 0.1% at 10,590.86 on Tuesday. The index of London large-caps closed down 0.2% at 10,582.96 on Monday.
Tensions remain elevated after a US blockade of Iran's ports came into force on Monday at 1500 BST, with Washington stepping up pressure on Tehran.
US Vice President JD Vance accused Iran of engaging in an "act of economic terrorism" by restricting traffic through the Strait of Hormuz, while President Donald Trump said Iran wants a deal "very badly" and revealed he had been contacted "by the appropriate people" to seek an agreement.
He also warned that any Iranian "fast attack ships" approaching the blockade "will be immediately ELIMINATED".
Iran's parliament speaker earlier said the country would not "surrender under threats", and there has been no response to Trump's latest remarks.
Meanwhile, direct talks between Lebanese and Israeli officials are due to take place in the US later on Tuesday, marking the first such negotiations in decades.
Brent oil was trading at USD97.90 a barrel early Tuesday, edging down from the USD100 mark and lower than USD101.95 late Monday.
The head of the International Energy Agency warned that April could prove more challenging for energy markets and the global economy as disruptions persist. Executive Director Fatih Birol said that while March shipments were largely unaffected as they were loaded before the crisis, "during the month of April, nothing has been loaded".
"The longer the disruption is, the more severe the problem becomes," he said following a meeting at the International Monetary Fund, which, alongside the World Bank, is hosting its spring meetings this week, set to provide fresh global growth and policy outlooks.
Sterling was quoted at USD1.3521 early Tuesday, higher than USD1.3451 at the London equities close on Monday. Against the euro, sterling fell to EUR1.1488 from EUR1.1492 a day prior.
The euro traded at USD1.1769 early Tuesday, higher than USD1.1705 late Monday. Against the yen, the dollar was quoted at JPY158.97, lower versus JPY159.10.
Back in the UK, retail sales growth accelerated last month, helped by an early Easter providing a "much-needed boost".
According to the British Retail Consortium and KPMG monitor, total sales rose 3.6% year-on-year in the five weeks to April 4, up from 1.1% growth in March 2025 and above the 12-month average of 2.6%. Food sales growth picked up to 6.8%, in-store non-food sales rose 1.4%, while online non-food growth slowed to 0.1%.
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%.
In Asia on Tuesday, the Nikkei 225 index in Tokyo was up 2.3%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong rose 0.3%.
The S&P/ASX 200 in Sydney closed up 0.7%, despite signs of weakening sentiment in Australia.
Consumer confidence dropped sharply in April, with the Westpac–Melbourne Institute index falling 13% to 80.1 points from 91.6 in March, remaining below the 100-point neutral level.
Meanwhile, National Australia Bank data showed business confidence also deteriorated, with the index falling to minus 29 in March from zero in February, while business conditions edged down to plus six from plus seven.
Gold was quoted at USD4,765.99 an ounce early Tuesday, higher than USD4,714.40 on Monday.
In Tuesday's corporate calendar, AB Dynamics reports half-year results, while ACG Metals and Amcomri Group publish full-year results. Imperial Brands, Oxford Instruments and PageGroup issue trading statements.
In the economic calendar on Tuesday, Germany's wholesale prices, Spain's CPI, the IEA oil market report, and US producer prices are due.
By Eva Castanedo, Alliance News reporter
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