Oil has retreated to below $100 a barrel while stocks rise as Iran suggested it was open to striking a deal with the US, despite the collapse in talks over the weekend. Even as the US began its blockade of the Strait of Hormuz, a wave of relief spread across markets as Donald Trump said Iranian negotiators were keen to strike a deal. Iranian President Masoud Pezeshkian said the country was open to talks but only within the framework of ‘international law’. Brent crude dipped below $100 per barrel to around $98, with Asian stocks up overnight and the S&P 500 closing above its pre-war level. But the US is still playing hardball, going ahead with its blockade of the Strait of Hormuz, which came into effect on Monday afternoon (London time). Trump said the US would block Iranian vessels and any ships that paid tolls. Vice President JD Vance said the US had shown ‘two can play at that game… If the Iranians are going to try to engage in economic terrorism… no Iranian ships are getting out, either.’ The FTSE 100 opens 23 points higher at 10,597, regaining all of Monday's losses amid renewed optimism of an end to the conflict. London's blue-chips have had a more muted reaction than Asian markets overnight. That might have something to do with brent creeping higher to $99. 07:05 Retailers boosted by early Easter Retail sales in March rose by 3.6 per cent year-on-year, up from 1.1 per cent in February, boosted by an early Easter. Figures from the British Retail Consortium (BRC) show food sales rose by 6.8 per cent, ahead of the 12-month average of 4.3 per cent, while non-food increased 0.9 per cent, below the average 1.1 per cent. BRC chief Helen Dickinson said: 'An early Easter provided a much-needed boost to food sales as families came together over the long weekend. 'The disruption to international travel caused by the Middle East conflict also hit sales of travel-related goods.' Analysts warn that sales growth is likely to slow in April and the rest of the year, though. 'It is early days in the latest energy prick shock, and we think the bigger picture will be of slower consumers’ spending growth for the remainder of 2026 as inflation creeps up and disposable incomes are hit,' says Pantheon Macroeconomics. 06:56 BP flags 'exceptional' quarter on higher oil prices BP reported an 'exceptional' first quarter after the Middle East conflict sent brent crude prices soaring. In a trading update, the oil giant said its oil trading was expected to return 'exceptional' results compared with a 'weak' previous quarter. The price of brent has risen from below $60 a barrel at the start of 2026 to around $98 this morning, having hit as high as $118 amid the conflict. BP said oil and gas production was broadly flat, while results in its gas trading division had been average. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.
Oil has retreated to below $100 a barrel while stocks rise as Iran suggested it was open to striking a deal with the US, despite the collapse in talks over the weekend. Even as the US began its blockade of the Strait of Hormuz, a wave of relief spread across markets as Donald Tru…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.