UK Shares Rise as Investors Weigh Middle East Tensions; BP Gains
London's FTSE 100 rose 0.20% on Tuesday as investors assessed renewed US pressure on Iran alongside corporate earnings updates and fresh UK economic data. The US threatened to reinstitute a naval blockade of Iranian ports and impose a 20% charge on all cargo shipped through the Strait of Hormuz. "President Trump has a habit of starting with an extreme negotiating position so no doubt this would come down if it was ever implemented, but the very spectre of tolls will make markets and customers nervous. US Central Command said that it will resume the Iran blockade at 4pm [New York] time today, so that still leaves a bit of time for a possible climbdown," said Deutsche Bank Research. Across the blue-chip index, oil giant BP (BP.L) was one of the top performers, rising 1.56% after forecasting stronger second-quarter refining margins and a slight increase in its oil trading result from the first quarter. "BP's trading update was better than what we had modeled across most indicators, with strong realisations in the upstream alongside higher refining margin capture than we had modeled. These divisions were supported also by strong oil trading results," RBC Capital Markets said,.
London's FTSE 100 rose 0.20% on Tuesday as investors assessed renewed US pressure on Iran alongside corporate earnings updates and fresh UK economic data.
The US threatened to reinstitute a naval blockade of Iranian ports and impose a 20% charge on all cargo shipped through the Strait of Hormuz. "President Trump has a habit of starting with an extreme negotiating position so no doubt this would come down if it was ever implemented, but the very spectre of tolls will make markets and customers nervous.
US Central Command said that it will resume the Iran blockade at 4pm [New York] time today, so that still leaves a bit of time for a possible climbdown," said Deutsche Bank Research.
Across the blue-chip index, oil giant BP (BP.L) was one of the top performers, rising 1.56% after forecasting stronger second-quarter refining margins and a slight increase in its oil trading result from the first quarter. "BP's trading update was better than what we had modeled across most indicators, with strong realisations in the upstream alongside higher refining margin capture than we had modeled.
These divisions were supported also by strong oil trading results," RBC Capital Markets said,.