The FTSE 100 was down 0.5% and the FTSE 250 fell 0.3% in early trading today, with Brent crude above $101 a barrel.
Europe is weaker, with the DAX down 0.9%, the CAC 40 off 0.7% and the Euro Stoxx 50 having dropped 1% so far in the session.
Sterling is down 0.3% at $1.3235 against the US dollar.
Iran Talks and Oil
Vance has reportedly commented that Iran must make a “meaningful” cut to enrichment to end the seven-month war, while Trump is said to have rejected Tehran’s latest offer.
Meanwhile, Qatari officials say mediation is gradually progressing. Oil rose as the market weighed supply constraints from Houthi attacks on Saudi Arabia and a Gulf of Mexico storm against increased Middle East supply.
Brent has risen 1% to $101.56, while spot gold has lost 0.7% to $4,133.
Shell is up around 0.2%. The company also released an update today, showing an indicative refining margin of $42 a barrel against $24 in the second quarter.
BP has so far edged around 0.1% lower.
Pennon Slumps
Pennon, the water group, has dropped almost 17% after it announced a fully underwritten rights issue of about £550m and a rebased dividend.
The 2026/27 total dividend is cut to about £125m from £138m, an underlying per-share cut of about 30% by the company’s own calculation.
New chief executive Keith Haslett said: “It’s clear from my comprehensive review that Pennon has real strengths, but there are areas where we need to improve and deliver better outcomes for our customers and communities.” Severn Trent and United Utilities also fell, which may be sympathy with Pennon.
Movers
In the FTSE 250, Avon Technologies has jumped almost 12% after the board said full-year results would beat expectations.
Hollywood Bowl rose 6.5% after record revenue of £261.6m, though second-half sales dipped in the hottest UK summer on record.
Bridgepoint gained 6.1% after upgrading 2026 EBITDA guidance; chief executive Raoul Hughes said he was “delighted to announce a material upgrade in our expectations for 2026 EBITDA.”
Meanwhile, in the FTSE 100, Airtel Africa (+1.8%), Haleon (+1.71%) and JD Sports (+1.57%) lead the gainers, while Severn Trent (-2.5%), Informa (-2.35%) and United Utilities (-2.19%) are the biggest losers so far in the session.
Elsewhere in the FTSE 100 today, METLEN Energy & Metals said it is considering listing its wholly owned infrastructure arm METKA on Euronext Athens to give it more capital, and expects to keep majority control if it goes ahead
