London’s main index retreated on Monday morning, with the FTSE 100 down 0.5% as renewed fears over the US-Iran conflict unsettled investors.
The sell-off was more pronounced in the FTSE 250, which fell 1.2%. European markets also struggled, with Germany’s DAX dropping 0.9% and France’s CAC 40 slipping 0.6%.
Sentiment soured after President Donald Trump described the month-long ceasefire between the US and Iran as being on “massive life support,” calling it “unbelievably weak” during remarks in the Oval Office.
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His comments came after he rejected Iran’s counter-proposal to end the war and reopen the Strait of Hormuz, dismissing it as “totally unacceptable.”
Iranian parliamentary speaker Mohammad Ghalibaf responded on X, warning that Iran’s armed forces stood ready to retaliate against any aggression. Brent crude climbed above $106 a barrel on the escalating rhetoric.
The oil price surge lifted energy majors, with BP rising 2.5% and Shell gaining 1.7%. British American Tobacco also advanced 2.5%.
The session’s standout performer so far is Intertek, jumping 6.4% after the testing and certification group confirmed it had received a fourth takeover proposal from private equity firm EQT, this time valuing the company at £60.00 per share in cash, up from previous rejected bids of £51.50, £54.00 and £58.00. The board said it is reviewing the latest proposal with its advisers.
Banking stocks bore the brunt of the risk-off mood, with NatWest tumbling 4.1%, Barclays down 3.9% and Lloyds falling 3.5%.
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