UK stocks slip as uncertainty over US-Iran ceasefire lifts oil prices (updated)
20/04/2026 17:21
Updates to market close April 20 (Reuters) - The UK's main stock indexes dipped on Monday in broad-based losses as fears that the U.S.-Iran ceasefire could collapse weighed on sentiment. The U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted, sending crude oil prices more than 5% higher. The blue-chip FTSE 100 index .FTSE fell 0.6%, while the midcap FTSE 250 .FTMC slipped 1.2%. Heavyweight bank Barclays BARC.L was down 2.2%, while HSBC HSBA.L dipped 1.1%, bringing the broader banks index .FTNMX301010 1.7% lower. Precious metal miners Fresnillo FRES.L and Hochschild HOCM.L fell about 2%, tracking a decline in gold and silver prices. British Airways owner IAG ICAG.L was down 2.8% as crude prices jumped, while oil giants BP BP.L and Shell SHEL.L rose more than 2% each, tracking gains in oil prices. The main UK indexes were last week trading at their highest level since early March as hopes of a de-escalation in the Middle East conflict spurred risk-on mood and pushed traders to dial back their bets on Bank of England rate hikes this year. Investors were also keeping a close eye on politics as Prime Minister Keir Starmer faces renewed calls to resign over his decision to appoint Peter Mandelson as ambassador to the U.S. AstraZeneca AZN.L said on Monday its experimental treatment showed a "meaningful reduction" in moderate-to-severe flare-ups of chronic obstructive pulmonary disease in a late-stage trial. Shares were down 1.1%. Shares of luxury handbag maker Mulberry MUL.L climbed 7.5% after it reported higher annual revenue. Engineering firm Renishaw RSW.L gained 6.2% after it raised its full-year profit forecast. (Reporting by Utkarsh Tushar Hathi and Sruthi Shankar; Editing by Shreya Biswas and Keith Weir) ((utkarshtushar.hathi@thomsonreuters.com))