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Oil prices advanced sharply during Asian trading on Tuesday, with Brent crude staying above the $100-per-barrel level as markets remained concerned about potential supply disruptions tied to the ongoing U.S.-Israel conflict with Iran.

Crude benchmarks rebounded after sliding roughly 5% in the previous session, following reports that some vessels had successfully navigated the Strait of Hormuz. Nevertheless, the vital shipping corridor remains largely restricted, and U.S. efforts to secure allied support for policing the waterway have met limited response.

By 00:58 ET (04:58 GMT), Brent crude futures had climbed 2.8% to $103.01 per barrel, while U.S. West Texas Intermediate futures rose 2.6% to $95.54 per barrel.

Iran conflict intensifies as Hormuz shipping remains constrained

Clashes involving the United States, Israel and Iran showed little sign of easing on Tuesday, with the conflict entering its third week.

Iran warned it could target U.S.-linked industries across the Middle East after the United States and Israel carried out strikes last week on Kharg Island, one of Iran’s key oil export terminals.

During the early hours of Tuesday, Iran and Israel exchanged fresh air strikes, while drones and rockets were also launched toward the U.S. embassy in Baghdad.

Over the weekend, U.S. President Donald Trump called on several countries, including China, to assist in restoring shipping through the Strait of Hormuz. However, his appeal gained little traction, with several American allies saying they had no immediate plans to send naval forces to the region.

The control of the strait has become a focal point of the conflict, as approximately 20% of the world’s oil supply passes through the narrow waterway. Iran had effectively closed the route earlier this month.

Still, reports on Monday indicated that some liquefied gas tankers flying Indian and Pakistani flags managed to transit the strait. Iran had previously indicated it might allow vessels from certain countries to pass while targeting ships linked to the United States and its allies.

Oil prices have climbed significantly since the conflict began, supported by fears that disruptions to supply could persist. Many Asian economies depend heavily on crude shipments transported through the Strait of Hormuz.

The inflationary impact of the conflict has also become a key concern for markets, as higher energy prices could push global central banks toward tighter monetary policy.

Several major central banks—including the Federal Reserve, the European Central Bank and the Bank of Japan—are scheduled to hold policy meetings later this week.

Gold prices moved higher in Asian trading on Tuesday, pushing back above the $5,000-per-ounce threshold as investors tracked developments in the U.S.-Israel conflict involving Iran, movements in oil markets and several central bank policy meetings scheduled for this week.

The precious metal had briefly dipped below $5,000 per ounce in the previous session. However, it rebounded as a decline in oil prices helped ease some concerns that the conflict could trigger stronger inflationary pressures.

Spot gold rose 0.6% to $5,035.62 per ounce by 01:26 ET (05:26 GMT), while gold futures increased 0.8% to $5,039.94 per ounce.

Gold holds steady within recent range amid geopolitical uncertainty

Despite the latest gains, gold continued to trade within the $5,000 to $5,200 per ounce band that has dominated price action for roughly the past three weeks, reflecting mixed signals from the evolving situation in Iran.

Demand for safe-haven assets provided support for bullion, though the rally was tempered by fears that the conflict could push global inflation higher.

Other precious metals also advanced during the session. Spot platinum climbed 1.9% to $2,156.27 per ounce, while spot silver gained 1% to $81.785 per ounce.

However, like gold, both metals have mostly traded sideways since pulling back from record highs reached in late January.

Central bank meetings take centre stage

Investors are also closely watching a series of central bank meetings taking place this week, with the Federal Reserve’s policy announcement on Wednesday drawing the greatest attention. The Fed is broadly expected to keep interest rates unchanged as policymakers assess the potential inflationary impact of the Iran conflict.

The Bank of Canada is also scheduled to meet on Wednesday, while the Bank of Japan, Swiss National Bank, Bank of England and the European Central Bank will announce their interest rate decisions on Thursday.

Market participants are focusing particularly on inflation trends and the outlook for monetary policy, especially as rising energy prices linked to the Iran conflict could influence central bank decisions.

There are increasing concerns that a surge in oil-driven inflation could prompt central banks to adopt a more hawkish stance, potentially keeping borrowing costs elevated for longer.

Higher interest rates generally weigh on non-yielding assets such as gold because they reduce the opportunity cost of holding cash or interest-bearing securities. Much of gold’s rally earlier in 2026—which pushed the metal to record highs near $5,600 per ounce—was fueled by expectations that interest rates would fall during the year.

First Class Metals (LSE:FCM) has announced the discovery of additional visible gold within drill core from a second hole at the Roy prospect on its Sunbeam property in Ontario, providing further evidence of gold mineralisation along the targeted structure. The company has now completed its planned drilling campaign at Roy, which comprised 12 holes totalling 1,030 metres and confirmed the presence of the mineralised zone across a strike length exceeding 300 metres.

Geological logging and sampling activities are continuing, with six drill holes logged so far and eight remaining to be cut and sampled. The first two holes have already been sent to Thunder Bay for laboratory assay. According to management, the drilling campaign has produced encouraging early results, with multiple occurrences of visible gold and its association with galena strengthening the exploration potential of the Roy structure and enhancing the overall prospectivity of the wider Sunbeam property for future gold development.

More about First Class Metals Plc

First Class Metals is a UK-listed exploration company focused on identifying economically viable metal deposits in Ontario, Canada, particularly within the prolific Hemlo gold district near Marathon. The company fully owns seven claim blocks covering more than 250 km² and holds options on three additional blocks. While its primary exploration focus is gold, the group is also investigating opportunities in base and critical metals, including through a joint venture project at West Pickle Lake.

IP Group (LSE:IPO) shares rose more than 8% on Tuesday after the UK-based science investor reported a 13% increase in net asset value per share for 2025, supported largely by gains tied to Pfizer Inc’s acquisition in the obesity drug sector.

Net asset value per share climbed to 110.4 pence as of Dec. 31, 2025, up from 97.7 pence a year earlier. The increase followed the recognition of £128.2 million in licensing income after Pfizer agreed in November to acquire weight-loss drug developer Metsera in a deal worth up to $10 billion.

The financial boost also triggered an unexpected accounting shift. In December, IP Group reclassified itself as an “investment entity” under IFRS 10 standards, changing the way its subsidiaries are consolidated within the group’s financial statements.

That adjustment led to a technical breach of covenants tied to the company’s £120 million private placement. Noteholders defined qualifying cash as funds held solely at the parent company level, whereas IP Group had previously included cash held across the wider group structure.

At the end of the year, the company held £87.8 million in cash equivalents and £123.2 million in deposits, but not enough of those funds were held directly by the parent entity.

The group secured a waiver from noteholders and subsequently transferred cash to the parent company. However, the covenant breach required £119.7 million of borrowings to be reclassified from long-term to current liabilities.

Despite posting a profit of £66.9 million compared with a loss of £207 million in 2024, and holding gross cash of £211 million, IP Group’s shares continue to trade at a steep discount to net asset value of nearly 47%.

The stock ended 2025 at 58.6 pence versus a NAV of 110.4 pence. Management acknowledged the gap, noting that the company completed a £75 million share buyback during the year, retiring roughly 9% of its outstanding shares.

Cash generated from portfolio exits totalled £68.1 million, significantly lower than the £183.4 million recorded in 2024. Meanwhile, companies within the portfolio collectively raised £914 million in funding over the course of the year.

The group’s exposure to the Pfizer-related deal remains conditional. The £128.2 million valuation depends on royalty income linked to drug candidates including PF’3944, which has not yet completed Phase 3 clinical trials. IP Group’s sensitivity analysis indicates that the valuation could shift significantly depending on trial outcomes and discount rate assumptions.

Chief Executive Greg Smith said the company remained confident it could achieve more than £250 million in portfolio exits between 2025 and the end of 2027.

IP Group also revealed that it is partnering with Aberdeen to manage a portfolio of UK venture investments and said it has set aside an additional £30 million earmarked for future shareholder returns.

Ashtead Technology Holdings PLC (LSE:AT.) reported full-year 2025 revenue of £203.2m on Tuesday, a 21% increase year-on-year, as the subsea technology specialist reaffirmed its confidence in delivering further growth in 2026 while keeping a close watch on geopolitical developments in the Middle East.

Adjusted earnings per share reached 49.4p for the year ended December 31, 2025, up 10% from 45.0p in the previous year. The revenue increase was supported by 3% organic growth and a 19% contribution from the acquisitions of Seatronics and J2 Subsea, partly offset by a 1% foreign exchange headwind.

The results compare with revenue of £168.0m recorded in FY24, with adjusted EBITA rising to £59.1m and delivering a margin of 29.1%, close to the upper end of the company’s medium-term target range.

Ashtead Technology generated around £20m in free cash flow during FY25 despite a roughly £5m working capital outflow. Proforma net debt to adjusted EBITDA improved to 1.3x from 1.6x, strengthening the company’s balance sheet and providing additional capacity for potential strategic investments. The board proposed a final dividend of 1.3p per share, representing an 8% increase from the prior year.

“We delivered a strong performance in 2025, making significant financial, strategic and operational progress against a challenging and unpredictable geopolitical and market backdrop,” said Allan Pirie, Chief Executive Officer.

During the year, Ashtead Technology completed the integration of its recent acquisitions and achieved synergies earlier than planned, while expanding its international footprint, with 33% of 2025 revenue generated outside Europe. The company invested £37m in capital expenditure to support the development of proprietary technologies and opened new facilities in the United States and Norway.

Trading in the first two months of 2026 has been in line with management expectations. The company said it is monitoring the current situation in the Middle East closely, as tensions in the region have contributed to volatility in oil and gas markets and uncertainty around the timing of projects.

Provided disruptions do not become prolonged or spread further, the board said it remains confident that the group will continue to make progress in 2026.

Essentra PLC (LSE:ESNT) reported full-year 2025 results on Tuesday broadly matching analyst expectations, posting revenue of £302.0m and adjusted earnings per share of 6.1p, although profitability was affected by tightening margins amid operational challenges.

Revenue increased 2.5% at constant currency compared with the previous year, while reported revenue remained largely unchanged at £302.0m, slightly below £302.4m recorded in 2024. Each of the company’s geographic regions achieved growth on a constant currency basis, with EMEA rising 2.6%, the Americas up 2.0% and APAC increasing 3.1%.

Adjusted operating profit declined to £32.0m from £40.1m a year earlier, with the adjusted operating margin narrowing to 10.6% from 13.3%.

Gross margin fell to 43.7% from 45.3%, reflecting changes in the regional sales mix, including the impact of inflation in Turkey, and the company’s short-term focus on restoring service levels following the rollout of a new ERP system across EMEA. Higher labour and freight expenses were also incurred as the group worked to stabilise operations after backlog levels increased during the implementation of the system.

“2025 was a year of good strategic progress delivered against a backdrop of subdued global industrial demand,” said Scott Fawcett, Chief Executive. “Essentra returned to modest revenue growth across all three regions, maintaining robust gross margins through a number of commercial and operational initiatives.”

The company reported adjusted operating cash flow of £44.0m, representing a conversion rate of 137.5%. Net debt, excluding lease liabilities, declined to £60.7m from £68.2m, with leverage standing at 1.4 times adjusted EBITDA.

Management said trading in the early part of 2026 supports confidence in meeting the board’s expectations for the year, with guidance left unchanged.

Shares in SThree Plc (LSE:STEM) fell more than 4% on Tuesday after the recruitment group reported lower first-quarter net fees and revealed that its chief financial officer will step down. Weak trading conditions across several European markets offset stronger growth in the United States and Japan.

The global STEM-focused recruitment specialist recorded group net fees of £71.7 million for the three months ending Feb. 28, compared with £78.4 million during the same period last year, representing an 8% year-on-year decline.

Regional performance varied significantly. Net fees in the Netherlands dropped 28% to £11 million, Germany fell 11% to £21.5 million, and the UK declined 17% to £5.8 million. By contrast, the United States posted an 8% increase to £19.5 million, while Japan delivered strong growth of 57%, reaching £3.3 million.

Contract placements, which account for 83% of the group’s net fees, decreased 10% to £59.8 million. Fees from permanent placements remained unchanged at £11.9 million. The company reported a contractor order book of £152 million, down 7% compared with a year earlier.

Looking at the business by sector, Technology generated 44% of total net fees, followed by Engineering at 30% and Life Sciences at 16%. Engineering fees declined 5% year-on-year, while Technology demand remained subdued, particularly in the Netherlands and Germany.

The company’s workforce at the end of the period was 4% lower than at the close of the previous financial year. SThree held net cash of £51 million as of Feb. 28. A share buyback programme worth up to £20 million, launched in February, had repurchased £8 million in shares by March 16.

SThree said it continues to expect fiscal 2026 results to align with the outlook issued on Sept. 16, 2025, with cost reductions anticipated to contribute from the second half of the year.

Chief executive Timo Lehne said the first quarter began in line with expectations despite “geopolitical uncertainty and rapid technological change.”

In a separate announcement, chief financial officer Andrew Beach confirmed he will step down from the board at the company’s annual general meeting on April 29 after nearly five years with the business. He will remain in his role until the release of the half-year results on July 21 to ensure a smooth transition.

Damian Fehrenberg, currently Senior Vice President Finance USA, will take over as interim CFO from April 30 while the company conducts a search for a permanent successor with the support of external advisers.

Beach said the completion of the firm’s Technology Improvement Programme made it “the right time” to consider his next career move.

The company added that the resolution to reappoint Beach, which had already been included in the AGM notice, has now been withdrawn, while all other resolutions remain unchanged.