The FTSE 100 index opened 14.40 points lower at 10,350.39. Gains in energy and defensive stocks were offset by sharp declines in mining and select financial counters. The cautious tone comes amid renewed geopolitical tensions and a rise in crude oil prices.
Oil-linked stocks emerged as key gainers. They were supported by a sharp rise in crude prices, which went above $107 per barrel. BP advanced 3.79% to £597.80, and Shell climbed 2.69% to £3,536. These figures reflect an outlook of stronger margins as energy prices surge.
British American Tobacco rose 1.67% to £4,385, Coca-Cola Europacific Partners surged 1.45% to £6,980, and Centrica added 1.23% to £214.60. Imperial Brands also hedged higher by 1.12% to £3,075.
On the downside, mining stocks faced heavy selling pressure as gold prices dropped nearly 3%, dragging sentiment across the metals space. Fresnillo declined 5.32% to £3,310, while Endeavour Mining fell 4.96% to £4,486, making them among the top laggards on the index.
Rio Tinto also slipped 1.98% to £6,977, and Spirax Group dropped 2.08% to £6,825, reflecting broader weakness in commodity-linked names.Games Workshop fell 1.93% to £17,260, and Lion Finance dropped 2.68% to £9,440.
Rising oil prices and escalating tensions in the Middle East renewed fears of inflation. Thus, the global sentiment continues to be fragile.
Brent crude surged over 6%. The value of the US dollar strengthened as investors moved toward safer assets. This shift has weighed on equities across the world. Hence, the European indices and US futures started trading lower.
In the UK, airline and banking stocks also remained under pressure. The shares of British Airways parent IAG and major lenders declined, as uncertainty around economic growth and fuel costs increased.
Elon Musk’s SpaceX has filed confidentially for an initial public offering, starting the process of what is expected to be the largest IPO in history. The company submitted its draft registration to the US Securities and Exchange Commission for the listing, according to people familiar with the matter.
SpaceX is seeking to raise around $75 billion, and could target a valuation of around $1.75 trillion.
Wizz Air witnessed an increase in traffic volumes in March 2026. This goes against the turbulence in the airline industry over the last month following the war in Iran. The airline said it saw 5.5 million passengers in March, a rise of 8.4% from last year, after growing its market share in Italy.
According to certain reports, some airlines have cancelled as much as 10% of flights over the next few weeks amid weak demand and to save jet fuel.
Also Read: Stock Market Today: Sensex Falls 1,526 Points, Nifty50 Slips to 22,208
In the United States, US futures declined by over 1% after the Dow Jones Industrial Average rose 0.5% yesterday, 1 April 2026. The S&P 500 index added 0.7%, and the Nasdaq Composite improved 1.2%.
In Asia, Korea’s Kospi declined 4.1%. Japan’s Nikkei 225 tumbled 2.3%, trading at 52,458.4. India’s Sensex and Nifty 50 dropped 1.8% and 1.9%, respectively.
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