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Oil prices climbed roughly 2% after U.S. President Donald Trump said Chinese President Xi Jinping agreed that Iran should not be allowed to obtain nuclear weapons, while traders continued monitoring risks surrounding shipping activity near the Strait of Hormuz.

Brent crude futures rose $1.77, or 1.67%, to $107.49 a barrel by 0642 GMT after touching an intraday peak of $107.99 earlier in the session.

U.S. West Texas Intermediate crude futures advanced $2.13, or 2.11%, to $103.30 a barrel.

For the week, Brent has gained close to 6%, while WTI has climbed more than 7%, supported by uncertainty surrounding the unstable ceasefire tied to the Iran conflict.

Trump and Xi Discuss Iran and Hormuz

Trump said he was running out of patience with Iran and added that both he and Xi agreed Tehran must not acquire nuclear weapons and should reopen the Strait of Hormuz.

Xi did not publicly discuss his talks with Trump concerning Iran, though China’s foreign ministry later released a statement.

“This conflict, which should never have happened, has no reason to continue,” the ministry said.

“With the Beijing summit not delivering any breakthrough on Iran, market focus is back on the deadlock and a blockaded Strait, with a tail risk of renewed military escalation,” said Vandana Hari, founder of Vanda Insights.

Shipping Risks Keep Markets on Edge

Trump also said China was interested in purchasing oil from the United States, one of several developments markets had been watching for from the summit.

Shipping risks around Hormuz continued to draw attention after reports that Iranian personnel seized a vessel near the United Arab Emirates on Thursday and redirected it toward Iranian waters. Separately, an Indian cargo ship carrying livestock from Africa to the UAE sank Wednesday off Oman’s coast.

According to the White House, Trump and Xi both agreed on the need to keep the shipping route operational.

Iran’s Revolutionary Guards stated that 30 ships had crossed the Strait of Hormuz since Wednesday evening. Although that remained far below the roughly 140 vessels that typically used the route daily before the conflict, it would still mark a notable increase if verified.

Supply Constraints Continue Supporting Crude Prices

Yang An of Haitong Futures said tight supply conditions remained the dominant force supporting oil prices.

“Oil prices swung several times yesterday but still closed near the day’s high,” he said.

“Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply.”

Gold prices moved lower again on Friday, extending losses for a fourth consecutive session as stronger U.S. economic indicators lifted the dollar and reduced expectations that the Federal Reserve will cut interest rates soon. Investors were also watching developments from talks between U.S. President Donald Trump and Chinese President Xi Jinping.

Spot gold dropped 1.6% to $4,578.74 an ounce by 03:05 ET, or 07:05 GMT. U.S. gold futures fell 2.1% to $4,585.87 an ounce.

Bullion was on course for a weekly decline of about 3%.

Elsewhere in precious metals, silver slid 5.2% to $79.13 an ounce, while platinum fell 2.3% to $2,013.46 an ounce.

Dollar Strength Adds Pressure to Bullion

The U.S. Dollar Index advanced 0.3% during Asian trading, touching its highest level in two weeks. The index was set to gain more than 1% for the week.

Stronger-than-forecast U.S. data released during the week added to concerns that inflation remains sticky, particularly as oil prices climbed amid Middle East tensions. Dollar strength tends to pressure gold because it makes the metal more expensive for international buyers.

The latest data showed U.S. producer prices rose in April at the fastest annual pace in four years, while consumer inflation also exceeded expectations. Retail sales figures indicated that consumer demand remained firm despite higher energy prices.

Those figures prompted traders to scale back expectations for Federal Reserve rate cuts this year, while some investors started to price in the risk of further policy tightening.

Although gold is commonly viewed as protection against inflation and geopolitical stress, higher interest rates can reduce its appeal because the metal does not offer income.

Trump-Xi Summit Brings Constructive Tone but Few Details

Markets closely followed the Beijing meeting between Trump and Xi for clues on trade, diplomacy and the Iran conflict. Both governments described the discussions positively, but the talks ended without major policy announcements.

Chinese state media said the two sides had reached “important consensus” on keeping economic and trade ties stable and agreed to improve coordination on global issues.

Trump previously described the U.S.-China relationship as “very strong” and said Xi had offered support regarding Iran and the Strait of Hormuz. Beijing also urged the reopening of Hormuz and called for dialogue to reduce Middle East tensions.

Gold was also pressured after Trump wrote on Truth Social that “the military decimation of Iran (to be continued!).” The statement highlighted the possibility of further escalation in the Iran war.

Oil price gains tied to disruption in the Strait of Hormuz have made the outlook for gold more complicated by increasing fears that global inflation could stay elevated for longer.

London Metal Exchange benchmark copper futures fell 2.6% to $13,644.22 a ton, while U.S. copper futures dropped 3.1% to $6.37 a pound.

Blackbird plc (LSE:BIRD) has announced that its annual general meeting will take place at 11:00 a.m. on 10 June 2026 at the London offices of Blake Morgan.

The company said it held more than £2.4 million in cash and short-term deposits at the end of April 2026 and currently has no plans to raise additional capital. Management stated that existing cash resources are expected to fund the commercial rollout of its elevate.io platform.

elevate.io Moves Into Go-to-Market Phase

Blackbird plc said elevate.io is now transitioning from the product-market-fit stage into a broader go-to-market strategy. The platform is being targeted at corporate marketing teams, with a focus on addressing challenges such as multi-stakeholder video review processes, workflow management, and scaling video production output.

The company plans to present its commercial strategy for elevate.io following the formal AGM proceedings, with shareholders invited to engage directly with management and members of the marketing team.

AGM Participation and Shareholder Arrangements

Shareholders who opted for printed communications will receive AGM documentation, including the notice of meeting, by post. The materials will also be available through the company’s website. Annual reports and accounts for the year ended 31 December 2025 are likewise being distributed to shareholders who requested physical copies.

The AGM will be accessible both in person and online through the Investor Meet Company platform. However, voting will only be possible via proxy submission through MUFG Corporate Markets or by returning a physical proxy form at least two business days before the meeting.

More About Blackbird plc

Blackbird plc develops cloud-native video editing and collaborative content production platforms. Its products include elevate.io, a browser-based collaborative video editor, and the Blackbird cloud video editing platform.

The company also licenses its proprietary video technology to third-party businesses operating in media, production, and digital content markets.

FRP Advisory Group Plc (LSE:FRP) said it expects full-year revenue for the year ended 30 April 2026 to rise 16% to at least £176 million, while adjusted underlying EBITDA is projected to increase 9% to a minimum of £45 million. The results are broadly in line with market expectations despite ongoing macroeconomic uncertainty.

Growth during the period was driven by strong demand for the group’s restructuring services, record revenues within its corporate finance division, and continued activity across financial advisory and forensic services. The company said its corporate finance business particularly benefited from resilient lower mid-market transactions and ongoing private equity activity. Headcount increased 12% year-on-year to 894 employees, and the board intends to propose a final dividend.

Expansion Strategy and Acquisition Activity Continue

FRP Advisory Group Plc maintained a strong financial position with approximately £26 million in net cash at year end, supported by an undrawn £10 million revolving credit facility.

The company continues to pursue a combined organic growth and acquisition strategy, including the acquisitions of One Advisory and Arc & Co, as well as a minority investment in Queens Tower Advisory. FRP also expanded its office and service network across Liverpool, Leeds, Manchester, and London while formally launching a new Real Estate Advisory division.

Management said the group is well positioned to benefit from increased restructuring and debt advisory demand amid persistent inflation, elevated energy costs, and ongoing supply chain disruption, supporting confidence in continued growth through FY2027 and beyond.

Financial Position and Market Outlook

The company’s outlook continues to be supported by strong underlying financial performance, strategic expansion initiatives, and positive market positioning. Recent acquisitions and geographic expansion have reinforced FRP’s growth profile, while technical indicators continue to suggest positive market momentum.

Valuation metrics remain relatively balanced, reflecting both the company’s growth prospects and its income-generating characteristics. The absence of recent earnings call commentary was not viewed as materially affecting the overall outlook.

More About FRP Advisory Group Plc

FRP Advisory Group Plc is a UK-based specialist advisory firm established in 2010 that provides restructuring, corporate finance, debt advisory, forensic, and financial advisory services to businesses, lenders, investors, and individuals.

The company operates across the economic cycle, with particular strength in UK insolvency work, lower mid-market mergers and acquisitions, and debt advisory services. FRP continues to expand both geographically and across new service areas, including its recently launched Real Estate Advisory platform.

Predator Oil & Gas Holdings Plc (LSE:PRD) has raised £3 million through a placing of 85.7 million new shares at 3.5 pence each to support an expanded operational programme across its assets in Trinidad, Morocco, and Ireland. The company also reported that April production revenues from Trinidad exceeded internal forecasts by 26%.

The funding will support the deepening of the Snowcap-3 well, the reactivation of the Snowcap-2ST1 and Jacobin-1 wells, and feasibility studies relating to gas re-injection and gas-to-power initiatives in Trinidad. In Morocco, proceeds will help secure long-lead equipment and engineering work for the MOU-6 well alongside pilot compressed natural gas (CNG) development activities.

Focus on Corrib South and European Gas Opportunities

Predator Oil & Gas Holdings Plc also plans to advance an updated technical package and continue its search for partners for the Corrib South gas prospect offshore Ireland. Management said the asset could play an important role in supporting European energy security.

The company added that recent regulatory developments together with updated resource and economic assessments have strengthened the case for bringing Corrib South back into active development planning. Predator aims to use its positions in Morocco and Atlantic Ireland to attract industry partners seeking access to gas resources connected to European markets.

Additional Use of Proceeds and Financial Outlook

The fundraising proceeds will additionally cover environmental studies, legal and administrative expenses, and potential strategic investments in infrastructure projects. The placing also includes the issue of new warrants alongside an enlarged share capital base.

Despite stronger revenue performance and a relatively low-debt balance sheet, the company’s outlook continues to be constrained by weak financial fundamentals, including sizeable losses, negative profit margins, and ongoing cash burn. Technical indicators remain broadly neutral with modest trend support, while valuation metrics continue to be challenged by the company’s negative price-to-earnings ratio and lack of dividend yield data.

More About Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas business with producing hydrocarbon operations in Trinidad and Morocco as well as prospective offshore gas assets in Ireland.

The company focuses on onshore and offshore gas and oil opportunities located close to European gas infrastructure, aiming to benefit from evolving regional energy security priorities and natural gas supply dynamics.

Forgent plc (LSE:FORG) has announced the full and final settlement of a legacy legal dispute connected to the North Fork project, where the company had been named as a joint defendant alongside several other parties, including director David Palumbo.

The case, which was brought in California by former tax-credit investor SCV North Fork LLC, was resolved through mediation. The settlement was completed without any admission of liability or wrongdoing by any of the parties involved.

Settlement Clears Path for Strategic Focus

Management said resolving the dispute removes a longstanding source of uncertainty for the business and allows the company to focus fully on implementing its strategy within the energy transition sector.

Forgent plc added that the conclusion of the case simplifies its legal position and may help improve investor confidence by eliminating a historic issue associated with the North Fork project.

Financial and Market Outlook

The company’s outlook continues to be weighed down by weak financial fundamentals, including ongoing losses, leverage exposure, and persistently negative cash flow.

Technical indicators also remain weak, reflecting a sustained downward share price trend. Valuation metrics provide limited support due to the company’s negative price-to-earnings ratio and the absence of dividend yield data.

More About Forgent plc

Forgent plc is an AIM-listed business focused on technologies and projects linked to the global energy transition.

The company develops and operates initiatives aimed at supporting cleaner and more sustainable energy systems, positioning itself within the wider decarbonisation and clean energy infrastructure sector.

TT Electronics (LSE:TTG) reported that group revenue for the four months ended 30 April 2026 declined 4.8% on an organic basis, mainly due to weaker demand across its electronics manufacturing services (EMS) markets. However, excluding the transfer of a major EMS customer and the closure of the Plano facility, underlying organic revenue increased 2.9%.

The company said a strong book-to-bill ratio of 107%, supported largely by aerospace and defence demand, together with ongoing cost-saving initiatives and sales transformation efforts, continues to support guidance for adjusted operating profit in line with market expectations.

Cost Savings and Organisational Changes Progressing

Management confirmed that the company’s transition to a revised divisional structure has now been completed. TT Electronics also said its cost reduction programme remains on track to deliver a net £3 million benefit during the current financial year.

The company added that investments aimed at transforming its sales operations are beginning to generate positive results. In parallel, the board continues to assess strategic options for the Components division as part of its broader portfolio review.

Ian Ashton is scheduled to join the company as chief financial officer on 29 June 2026. Interim finance chief Richard Webb will remain in place during the transition process to support an orderly handover ahead of interim results expected on 2 September 2026.

Financial Position and Market Outlook

TT Electronics continues to show mixed financial characteristics. Strong recent cash generation and a meaningful reduction in debt levels have partly offset longer-term revenue declines and continuing net losses.

Management commentary supporting in-line guidance, improving margins, and stronger cash conversion has provided some support to sentiment. However, weak technical indicators and a negative price-to-earnings ratio continue to weigh on the company’s broader market outlook.

More About TT Electronics

TT Electronics is a global designer and manufacturer of engineered electronic solutions used in performance-critical applications.

The company serves growth markets including healthcare, aerospace, defence, industrial automation, and electrification. Its product portfolio includes sensors, power management technologies, and connectivity solutions manufactured through facilities across the UK, North America, and Asia.