Oil eases to below $100 and stocks rebound on hopes of renewed Iran talks – MARKETS LIVE

Oil eases to below 0 and stocks rebound on hopes of renewed Iran talks – MARKETS LIVE

Updated: 07:27 EDT, 14 April 2026

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. The FTSE 100 is up 10 points at 10,595.

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.’

Elsewhere today, Rachel Reeves will visit Washington DC for an International Monetary Fund (IMF) summit. Growth forecasts for the UK are expected to be slashed as higher energy prices take their toll, raising the risk of stagflation and recession.

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JP Morgan traders cash in on Iran war with record quarterly results

JP Morgan has reported record quarterly revenues as its traders received a boost from uncertainty caused by the Middle East conflict.

The US banking giant reported a huge jump in net profits in the first quarter – net income rose 27 per cent to $16.5billion in the first quarter, up from $14.6billion recorded in the same period last year.

Net revenue rose 10 per cent year-on-year to $49.8billion.

It came as trading revenue jumped 20 per cent to $11.6billion, the highest figure on record for the bank, as it cashed in on geopolitical uncertainty and volatility in markets.

Revenue from fixed income jumped 21 per cent to $7.1billion, ahead of expectations, while equity markets revenue rose 17 per cent to $4.5billion, ‘due to increased client activity’.

Intertek surges 11% as it mulls separation of businesses

Intertek is leading the FTSE’s biggest risers this morning after saying it had launched a strategic review that could lead to a separation of its businesses.

The FTSE 100-listed assurance, testing, inspection and certification (ATI) firm said it was looking at a spin-off of its Energy and Infrastructure division, either through a sale or demerger.

Chief executive André Lacroix said: ‘We believe that two specialist scale global ATIC businesses could be best positioned to accelerate growth and deliver greater value for shareholders.’

Shares are up 11.58 per cent to 4,260p.

FTSE 100 opens higher

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.

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.