Stocks in London are set to open slightly lower on Tuesday as investors continue to monitor developments in the oil market amid the ongoing conflict in the Middle East.
Futures indicate the FTSE 100 will open 8 points lower, down 0.1%, at 10,309.89. The index of London blue-chips closed 56.54 points higher, up 0.6%, at 10,317.69 on Monday.
In currency markets, sterling traded at $1.3286 on Tuesday morning, slightly lower than $1.3293 at Monday’s London equities close. The euro slipped marginally to $1.1477 from $1.1480, while the dollar edged up against the yen to ¥159.36 from ¥159.34.
Investors remain focused on developments in the Middle East, particularly around the Strait of Hormuz, a key chokepoint for global oil shipments.
US President Donald Trump criticised US allies for what he described as a lukewarm response to calls for support in protecting shipping through the waterway during the conflict with Iran.
Trump said he expected countries such as France and Britain would ultimately participate, though possibly reluctantly. He also claimed that several nations had already agreed to help secure the shipping route, while criticising others for failing to show sufficient “enthusiasm”.
Oil prices continued to climb, with Brent crude trading at $103.79 a barrel on Tuesday morning, up from $102.83 on Monday.
In the US, markets ended Monday’s session higher. The Dow Jones Industrial Average rose 0.8%, the S&P 500 gained 1.0%, and the Nasdaq Composite advanced 1.2%.
Asian markets were mixed on Tuesday. Tokyo’s Nikkei 225 slipped 0.1%, China’s Shanghai Composite fell 0.8%, while Hong Kong’s Hang Seng Index edged 0.1% higher. Australia’s S&P/ASX 200 gained 0.4%.
In commodities, gold traded higher at $5,012.50 an ounce early Tuesday, up from $4,983.55 late Monday.
