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Stock prices in London were softly higher on Monday midday as the price of Brent crude edged higher compared to Friday, while the dollar traded lower. The FTSE 100 index was up 21.52 points, 0.2%, at 10,400.63. The FTSE 250 was up 86.42 points, 0.4%, at 22,669.29, and the AIM all-share was up 5.48 points, 0.7%, at 801.88. The Cboe UK 100 was up 0.2% at 1,035.69, the Cboe UK 250 was up 0.4% at 19,733.93, and the Cboe small companies was marginally lower at 18,084.27. In European equities on Monday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.7%. Developments in the Iran War remained central to sentiment. The Islamic Republic has offered to ease its restrictions in the Strait of Hormuz without addressing its nuclear programme, according to officials cited by Axios. The proposal also calls for the US to lift its blockade of Iran as part of a broader arrangement. The offer comes as Iran’s foreign minister visited Russia, describing the trip as an opportunity to consult with Moscow over the war involving Israel and the US. Iranian officials said the new proposal had been passed to Washington via Pakistan. US President Donald Trump has signalled he is unlikely to accept a deal that does not include curbs on Iran’s atomic programme as part of a wider agreement to reopen the strait and make the ceasefire permanent. ‘We have all the cards. If they want to talk, they can come to us, or they can call us,’ Trump told Fox News Channel on Sunday. Iran’s state-run IRNA news agency said Foreign Minister Abbas Araghchi arrived in St Petersburg on Monday ahead of a meeting with Russian President Vladimir Putin. His weekend itinerary also included stops in Pakistan and Oman, which shares the Strait of Hormuz with Iran. The visit comes amid a continued stand-off between Iran and the US in the strategically important waterway, despite a ceasefire, keeping oil prices elevated. ‘It is a good opportunity for us to consult with our Russian friends about the developments that have occurred in relation to the war during this period and what is happening now,’ Araghchi said in a video interview posted by IRNA. Pakistan has sought to revive stalled talks between Iran and the US, and negotiations had been expected in Islamabad over the weekend. However, Trump suggested discussions could instead take place by phone. Araghchi blamed Washington’s approach for the delay in negotiations. ‘The previous one, despite the progress that had been made, could not achieve its goals,’ he said, citing what he described as America’s ‘excessive demands.’ Trump has questioned who is in charge in Iran, saying confusion within the country’s leadership complicates efforts to secure a deal. The White House had said it would send envoys Steve Witkoff and Jared Kushner to Islamabad to follow up on earlier face-to-face talks, but Araghchi left Pakistan on Saturday and Trump subsequently called off the mission, citing a lack of progress. Brent crude was quoted at $106.56 a barrel early Monday, higher than $105.78 late Friday. The pound was quoted at $1.3560 midday Monday, up from $1.3497 on Friday. Against the euro, sterling rose to €1.1545 from €1.1532 on Friday. The euro stood at $1.1745, up against $1.1703. Against the yen, the dollar was trading at JP¥159.16, lower compared to JP¥159.55. In the UK, Prime Minister Keir Starmer is set to chair a meeting of the emergency Cobra committee on Tuesday to assess the economic impact of the Iran war. Representatives from the Bank of England will attend the meeting as the government evaluates the consequences of rising oil prices. Speaking at the Usdaw union’s conference in Lancashire, Starmer said he had called the meeting to ensure support. ‘I have to level with you about Iran. The truth is the economic consequences could still be with us for some time,’ he said, noting that the effects are visible at petrol forecourts across the country. European stocks moved into positive territory as the session progressed, though gains remained tentative. The FTSE 100 touched a session high at midday, aided by strength in oil majors Shell and BP, up 0.7% and 1.1%, as well as banking stocks. Russ Mould, investment director at AJ Bell, said: ‘Investors have been encouraged by corporate news flow over the past few weeks, leading to higher equity prices. However, it’s impossible to ignore what’s happening on commodity markets as higher oil for longer spells trouble for inflation, which in turn could act as a headwind for the economy.’ Molten Ventures was the top performer on the FTSE 250, up 7.3%. The investment firm reported a higher net asset value for the year to March 31, with NAV per share rising 13% to around 760p. Gross portfolio value increased 11% to about £1.52 billion from £1.37 billion, supported by strong performances from core holdings including ICEYE, Revolut, Ledger and Riverlane. Modo Energy and Manna moved into the core portfolio following successful funding rounds. The company cited positive industry tailwinds from growing European technology sovereignty and resilience. Among smaller caps, Christie shares jumped 33% after the London-based professional services provider said 2026 had begun with ‘encouraging levels of ongoing demand’ and announced a sharply higher dividend and profit for 2025. Pretax profit rose to £6.0 million from £2.6 million in 2024. Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index marginally lower, and the Nasdaq Composite up 0.2%. The yield on the US 10-year Treasury was quoted at 4.31%, narrowing from 4.32%. The yield on the US 30-year Treasury was quoted at 4.92%, unchanged from Friday. In Frankfurt, Commerzbank shares rose 1.6%, while UniCredit gained 0.8% in Milan. Bloomberg reported that German officials had informally sounded out other European lenders about acting as a potential ‘white knight’ to defend Commerzbank from UniCredit’s takeover bid earlier this year. The discussions reportedly did not progress beyond a preliminary stage. The German state remains Commerzbank’s second-largest shareholder, with a 12% stake. Gold was quoted at $4,708.539 an ounce, lower against $4,718.34 on Friday. Still to come on Monday’s economic calendar is the US Dallas Fed manufacturing index. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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