FTSE 100 Edges Higher Despite Continued Geopolitical Uncertainty; Shell and BP Shares Rise

The FTSE 100 is up 0.2% on Tuesday morning as oil prices continue to climb following reports that the US is not happy with an Iranian offer to reopen the Strait of Hormuz, with Donald Trump said to be dissatisfied with Tehran’s proposal.

The FTSE 250 is down 0.4%, while Germany’s DAX is up 0.1% and France’s CAC 40 has gained 0.2%.

BP leads the FTSE 100 risers, up 2.4%, after reporting first-quarter profits of $3.2 billion, driven by an exceptional performance in its oil trading business in the months following the outbreak of the Iran war.

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Shell is also among the top gainers, rising 1.5%, with Diploma up 1.6%.

Barclays is the biggest faller, dropping 3.1% despite reporting a 6% rise in first-quarter total income to £8.2 billion, narrowly ahead of consensus forecasts. The bank announced a further £500 million share buyback but also booked a £228 million provision linked to collapsed lender MFS, which appears to have unsettled investors.

Compass Group and Persimmon are both down 1.7%.

Overall, sentiment remains fragile as diplomatic efforts in the Middle East show little sign of progress, with the continued closure of the Strait of Hormuz keeping energy markets on edge and broader indices caught between corporate earnings optimism and geopolitical uncertainty.