MARKETS LIVE – Oil climbs and shares wobble as Trump renews threats on Iran

On Apr 20, 2026

By ANGHARAD CARRICK, BUSINESS NEWS EDITOR

Updated: 07:54, 20 April 2026

President Trump has once again ramped up the rhetoric towards Iran over the weekend, leaving markets to deal with the fallout on Monday morning.

Brent crude plunged as much as 13 per cent to $86 a barrel last Friday as Iran said it would reopen the Strait of Hormuz.

But after another weekend of escalation and closure of the key waterway by the Iranians, it is back up to $95 a barrel.

Trump said he was sending envoys for peace talks in Pakistan and would launch new strikes on Iran unless it accepts his terms.

The ceasefire, which was due to run until Tuesday, is also in doubt after the US seized an Iranian cargo ship and Tehran threatened to retaliate.

Asian indices shrugged off rising tensions in the Middle East overnight, but stock futures across Europe and the US fell.

Outside of the Middle East, William Hill owner Evoke has confirmed talks over a potential takeover by American casino group Bally’s Intralot.

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Escalation leaves markets on edge

It seems we’re a long way from Friday’s optimism, as stocks rallied and oil fell to as low as $86 a barrel.

While some way off last month’s highs of $120, brent crude is still around 30 per cent higher than its pre-conflict level.

Stock markets seem to have largely shrugged off the war – the S&P 500 reached a record high last week – even as a peace deal feels further away.

‘Friday’s euphoria has given way to confusion around the status of Hormuz. While Iran has declared it closed, markets seem to be, as ever during this crisis, looking on the bright side,’ says Chris Beauchamp, chief market analyst at IG.

‘US futures are down, and Europe is expected to open lower, but most of the gains are still intact. And oil futures aren’t back to where they were early Friday. If talks do get underway that will help support risk appetite, but this is far from a foregone conclusion that they will even begin right now.

‘A clear way out of the crisis is still impossible to foresee, and meanwhile the energy crisis continues to worsen by the day.’