The FTSE 100 slipped 0.3% to 10,867 on Monday as FTSE 100 Hormuz talks pushed Brent crude up 1% to $84.10, offsetting the momentum carried over from Friday’s Wall Street rally.
London’s benchmark index remains within reach of its all-time high. A more severe fall was cushioned by a recovery in US technology stocks on Friday, which lifted sentiment heading into the week.
Strait of Hormuz: why oil markets are watching
Iran’s foreign ministry spokesman Esmaeil Baghaei said the Iran-Oman agreement over the Strait of Hormuz was ‘in the final stages,’ but added it could still be concluded ‘if certain third parties do not obstruct this process,’ a remark OilPrice.com, citing Reuters, interpreted as a reference to the United States.
The waterway carries roughly 20% of global daily oil consumption, according to EdgeX Exchange, making any disruption or change in transit arrangements a live concern for energy markets.
Negotiations include a provision under which Iran would control vessel traffic entering the strait, a stipulation OilPrice.com described as a significant concession from Washington. The US position on transit fees remains opposed: Iran sought fees of 5-7%, Oman proposed around 3%, and the US opposed any charge, according to Global Banking and Finance, citing Reuters.
AJ Bell investment director Russ Mould said the FTSE 100 ‘dipped in early trading in stark contrast to the fireworks seen on Wall Street late last week.’ He said the US rally was ‘supported by weaker-than-anticipated US jobs numbers which helped dial down fears about an imminent rate hike from the Federal Reserve.’
Mould added that ‘the Iran conflict remains a key source of concern for markets with a lasting resolution seeming a distant prospect at this point. Tehran has apparently resisted direct negotiations with Washington over a reopening of the Strait of Hormuz until several conditions are met.’
FTSE 100 Hormuz talks drive miners higher
Miners benefited from commodity strength. Fresnillo was the session’s top riser, up 2.2%. Glencore gained 2.1%.
Technology-focused investment trusts Scottish Mortgage and Polar Capital Technology Trust also rose, carried by Friday’s US tech recovery. Both hold Nvidia as a top position; the chipmaker gained 2.3% on Friday.
Scottish Mortgage received an additional boost from SpaceX, which listed on Nasdaq on 12 June 2026 and rallied 15% on the day. SpaceX represented approximately 25% of the trust’s portfolio at the closing market price on 15 June 2026, according to Scottish Mortgage’s own briefing note. The trust first invested in SpaceX in December 2018 and invested a total of £151m; by 31 March 2026 the fair value of the stake had reached £2.98bn, roughly 19.7 times the original outlay.
Coca-Cola HBC leads the fallers
Coca-Cola HBC was the session’s worst performer after BNP Paribas Exane analyst Gen Cross cut the stock to Neutral from Outperform. Shares fell around 3% to roughly 4,807p, according to Kalkine.
Cross cited the stock’s run of more than 80% since the start of 2025, arguing it had moved from trading at a discount to European staples and beverage peers to a premium. Morningstar/Alliance News reported Exane set a London price target of 1,750p, up from 1,720p. A separate figure of GBP 50.00, cited by StreetInsider, appears to relate to a different share class.
Resolution of the Hormuz negotiations remains the immediate market variable. Until Washington’s stance on Iranian transit controls and fees becomes clear, oil price volatility is unlikely to ease.
