(Sharecast News) - London stocks were still in the black by midday on Monday as oil prices eased off highs, having risen again after the US bombing of Iran's vital oil hub, Kharg Island.
US President Donald Trump told NBC News on Saturday that Kharg Island had been "totally demolished" but that the US may continue to "hit it a few more times just for fun".
Trump also told NBC that Iran wanted to negotiate a ceasefire but he had not agreed "because the terms aren't good enough yet". However, Iran said it had not requested a ceasefire or sought negotiations with Washington.
The FTSE 100 was up 0.4% at 10,300.10. Meanwhile, Brent crude was 0.1% higher at $103.27, while West Texas Intermediate was down 1.3% $97.46.
Russ Mould, investment director at AJ Bell, said: "The FTSE 100 ticked higher at the start of the week as its material weighting towards energy continued to offer some ballast during the Iran conflict.
"Oil prices were higher again and Asian markets were lower as fighting in the Middle East rumbles on. By the time markets opened in Europe, oil was a little off its highs for the session. Over the weekend, Iran's foreign minister Abbas Araghchi said the strategically important Strait of Hormuz was only closed to the US, Israel and its allies.
"This potentially opens the door for oil and natural gas to flow to the likes of China and India which account for a large proportion of the shipments through the Strait.
"Saudi Arabia is also using its East-West pipeline to divert oil to the Red Sea with tankers loading from state oil company Aramco's terminal.
"Donald Trump is seeking to pressure NATO partners and others to help police the Strait of Hormuz. The situation is not close to being resolved but investors seem reassured by signs of action and US futures prices point to modest gains when Wall Street resumes trading later.
"Defensive names, including in the utility sector, property stocks and housebuilders were among the fallers in London while BP and Shell, as well as a smattering of industrial stocks, were among the gainers.
"Until we get some signs of a meaningful resolution to the situation in the Gulf, the markets are likely to remain choppy."
Geopolitics aside, investors were eyeing a string of policy announcements this week from the Reserve Bank of Australia, Bank of England, European Central Bank, Federal Reserve, Bank of Canada and the Bank of Japan.
Before the onset of war in the Middle East, analysts were widely expecting the BoE to trim rates to help bolster growth. However, with oil and gas prices having surged since the end of February, analysts are now expecting rates to be left on hold at 3.75%.
On home shores, industry data showed that house prices pushed higher in March despite war in the Middle East causing global energy prices to soar.
According to latest house price index from Rightmove, prices rose 0.8% in March, which the property portal said was a typical increase for the time of year. The national average asking price now stands at 371,042.
In equity markets, consumer goods companies Haleon and Reckitt Benckiser were the top performers on the FTSE 100.
Oil giants BP and Shell were also up, but precious metals miner Fresnillo lost its shine as gold prices paused for breath.
Marshalls edged higher after it posted a drop in full-year profit that was in line with market expectations as the diversified building products manufacturer returned to revenue growth for the first time since 2022.
In the year to the end of December 2025, adjusted pre-tax profit fell 16% to 43.7m, while revenue nudged up 2% to 632.1m. Company-compiled consensus was for adjusted pre-tax profit of 43.5m, with a range of 42m to 44.1m.
Great Portland Estates advanced after saying it had sold the wells&more building in London's Fitzrovia to Feldberg Capital on behalf of Fastighets AB Balder for a headline price of 172m.
Real estate investment trust Segro rallied after saying it will develop a UK data centre for an existing client, part of its ongoing push into the booming sector.
Standard Life nudged lower even as it reported a rise in full-year profit, pointing to a strong performance from its pensions and savings business.
Market Movers
FTSE 100 (UKX) 10,300.10 0.38%
FTSE 250 (MCX) 22,053.80 -0.08%
techMARK (TASX) 5,851.52 -0.15%
FTSE 100 - Risers
Haleon (HLN) 385.00p 2.72%
Reckitt Benckiser Group (RKT) 5,478.00p 2.43%
SEGRO (SGRO) 741.40p 2.04%
BT Group (BT.A) 218.30p 1.87%
British Land Company (BLND) 372.40p 1.86%
Vodafone Group (VOD) 110.85p 1.79%
Airtel Africa (AAF) 357.20p 1.77%
Tesco (TSCO) 493.90p 1.73%
Marks & Spencer Group (MKS) 362.10p 1.51%
Kingfisher (KGF) 312.10p 1.23%
FTSE 100 - Fallers
Rightmove (RMV) 448.70p -3.17%
Spirax Group (SPX) 6,630.00p -2.71%
International Consolidated Airlines Group SA (CDI) (IAG) 346.90p -2.00%
Flutter Entertainment (DI) (FLTR) 8,092.00p -1.87%
Fresnillo (FRES) 3,364.00p -1.81%
JD Sports Fashion (JD.) 72.42p -1.77%
easyJet (EZJ) 365.50p -1.59%
Autotrader Group (AUTO) 488.00p -1.54%
Croda International (CRDA) 2,637.00p -1.42%
Entain (ENT) 540.60p -1.39%
FTSE 250 - Risers
Ocado Group (OCDO) 206.90p 4.56%
Hammerson (HMSO) 327.20p 3.68%
WH Smith (SMWH) 573.00p 3.15%
Savills (SVS) 931.00p 3.10%
Ithaca Energy (ITH) 264.00p 2.92%
Unite Group (UTG) 485.20p 2.88%
Domino's Pizza Group (DOM) 186.80p 2.47%
Energean (ENOG) 896.50p 2.46%
Great Portland Estates (GPE) 310.00p 1.98%
Primary Health Properties (PHP) 101.40p 1.81%
FTSE 250 - Fallers
Shawbrook Group (SHAW) 358.00p -5.67%
Partners Group Private Equity Limited. (EUR) (PEY) 9.28p -3.33%
NCC Group (NCC) 122.60p -3.16%
Wizz Air Holdings (WIZZ) 891.50p -3.04%
Playtech (PTEC) 343.00p -2.70%
Kainos Group (KNOS) 766.50p -2.48%
Hochschild Mining (HOC) 628.00p -2.41%
Ashmore Group (ASHM) 208.00p -2.35%
RS Group (RS1) 616.00p -2.30%
Future (FUTR) 427.00p -2.11%
73.85 (0.72%)
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