FTSE 100 Rebounds After Trump's Post About "productive" Talks With Iran

RTTNews | 172 days ago

(RTTNews) - After falling more than 2% to hit a 3-month low earlier in the session, UK's equity benchmark FTSE 100 swung back into positive territory Monday morning, after oil prices plunged following U.S. President Donald Trump's announcement that he's postponing strikes on Iranian energy infrastructure.

Trump said Washington has held "very good and productive" conversations with Iran and has ordered a temporary halt to planned military strikes on Iranian power plants and energy infrastructure.

In a post on his Truth Social account, Trump said the decision followed "in-depth, detailed, and constructive" discussions over the past two days aimed at achieving a "complete and total resolution" of hostilities in West Asia.

Stocks tumbled earlier in the session after brent crude climbed to $114 a barrel after Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, warning of strikes on power plants. Tehran retaliated by saying that it would attack Israel's power plants and plants supplying U.S. bases in the Gulf if Trump carries out his threat to "obliterate" Iran's power network.

Brent crude futures, which fell to $96 a barrel after Trump's latest announcement, subsequently recovered to $103.61, but still remained sharply down, losing about 7.7% from previous close.

The FTSE 100, which dropped to 9,670.18, surged to 9,960.45 after Trump's post about the postponement on his Truth Social account. The index was up 9.67 points or 0.1% at 9,928.00 a little while ago.

Croda International, the biggest gainer in the FTSE 100 index, was up nearly 7%. Entain gained 6% while Anglo American Plc, Smiths Group, IAG and Weir Group climbed 4.2%-5%.

HSBC Holdings, Antofagasta, Barratt Redrow, Barclays, Halma, Pershing Square Holdings, Fresnillo and Burberry Group gained 3%-4%.

Standard Chartered, Coca-Cola Europacific Partners, Intercontinental Hotels Group, ICG, Persimmon, Easyjet, Rolls-Royce Holdings, Spirax Group, Intertek, Rio Tinto, Metlen Energy & Metals, Lloyds Banking Group, Natwest Group, Games Workshop, Informa and Melrose Industries gained 2%-3%.

Energy stocks BP and Shell tumbled 3.8% and 3.7%, respectively, after Brent crude futures dropped.

BT Group, BAE Systems, Tesco, Admiral Group, Centrica, Imperial Brands, Sainsbuar (J) and British American Tobacco were the other notable losers.

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