Wednesday Morning Markets: FTSE Lower, Oil Extends Gains as US-Iran Strikes Continue; ICG Rises

London stocks have edged lower on Wednesday morning, with the FTSE 100 down 0.3% and the FTSE 250 off 0.1%. Elsewhere in Europe, Germany’s DAX fell 0.8%, while France’s CAC 40 and the Euro Stoxx 50 both slipped 0.1%.

Brent crude has climbed more than 1% to around $85.71 a barrel after a fresh wave of strikes between the U.S and Iran, with President Donald Trump warning that bridges and power plants could be targeted next and that attacks will continue “until I say.”

Washington has also reinstated its naval blockade of Iran.

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Meanwhile, spot gold has eased 0.6% to $4,027 an ounce, giving back some of Tuesday’s 1.3% gain to $4,052 that followed softer-than-expected U.S. inflation data.

ICG (LON: ICG) tops the FTSE 100 so far, up 2.4%, after its first-quarter update showed fee-earning AUM up 10% year-on-year to $88 billion, with $4.1 billion raised in the quarter, driven by its flagship Europe IX fund.

Barratt Redrow (LON:BTRW) has gained 2.01% after reporting 17,667 FY26 completions, profit in line with expectations, and plans to return £400 million to shareholders in FY27, primarily via buybacks.

Burberry (LON: BRBY) has added 2.29%.

Miners lead the fallers as gold retreats, with Fresnillo (LON: FRES) dropping 2.70%, Endeavour Mining (LON: EDV) losing 2.03% and Antofagasta (LON: ANTO) falling 2%.

Vodafone (LON: VOD) has given back 2.40% after its recent surge.

In the FTSE 250, Galliford Try (LON: GFRD) has risen 5.74% on its latest trading statement, with profit expected to be at the top end of market expectations, while Hunting (LON: HTG) has gained 4.56% following its first-half update.

XP Power (LON: XPP) is another big FTSE 250 mover, having added 3.37% after an update on its Comet litigation.

On the downside, B&M (LON: BME) has fallen 4.26% on its first-quarter statement, with a decline in UK like-for-like sales.

Bloomsbury (LON: BMY) lost 3.11% and Seraphim Space (LON: SSIT) dropped 2.98%.

Dr. Martens (LON: DOCS) also issued an AGM trading update ahead of today’s annual meeting.

On the economic calendar, investors will be keeping an eye on US PPI data and the second day of Fed Chair Warsh’s testimony.