The FTSE 100 has surged 2.6% on Tuesday morning as European markets rallied sharply following news of a two-week ceasefire in the war between the US and Iran.
The ceasefire is expected to lead to the reopening of the Strait of Hormuz, a critical waterway responsible for a significant amount of global oil and gas shipments.
The FTSE 250 is up 4.2%, while on the continent, Germany’s DAX has jumped 4.6% and France’s CAC 40 has gained 4.2%. Oil markets have plunged on the news, with Brent crude falling 14%. Meanwhile, spot gold is up 2%, while spot silver has rallied 5.5%.
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Mining stocks are among the biggest beneficiaries so far this morning, with Antofagasta leading the FTSE 100, up 12.16%, followed by Fresnillo and Anglo American, both gaining 10.34%.
Rolls-Royce Holdings is also among the top risers, climbing 10.06%. Airline group IAG has also bounced strongly, up 8.5%.
Of course, energy stocks are the session’s biggest casualties given the sharp drop in oil prices. BP has fallen 6.2%, and Shell is down 6.1%, with Centrica also slipping 3.3%.
Shell’s decline comes alongside its quarterly trading update, in which the company flagged lower gas production in the first quarter of 2026, with integrated gas output and LNG volumes both falling short of the prior quarter due to operational disruptions in Qatar and weather-related constraints in Australia.
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