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Oil prices climbed close to 2% on Tuesday, extending the previous session’s rally, as the standoff between the U.S. and Iran showed little sign of easing. The continued disruption at the Strait of Hormuz has restricted a major share of Middle Eastern energy exports, tightening global supply.

A U.S. official said on Monday that President Donald Trump is dissatisfied with Iran’s latest proposal aimed at ending the conflict. Iranian sources indicated the proposal sidesteps discussions on Tehran’s nuclear program until hostilities cease and maritime tensions in the Gulf are resolved.

Trump’s rejection has left negotiations deadlocked. Iran continues to limit shipping through the Strait of Hormuz—through which about 20% of global oil and gas typically flows—while the U.S. maintains its blockade on Iranian ports.

Brent crude futures for June rose $2.32, or 2.1%, to $110.55 a barrel as of 0638 GMT, after gaining 2.8% in the previous session to its highest close since April 7. The contract has now posted gains for seven straight sessions.

U.S. West Texas Intermediate (WTI) crude for June increased by $1.80, or 1.9%, to $98.17 a barrel, following a 2.1% rise in the prior session.

A previous round of negotiations between Washington and Tehran broke down last week after face-to-face talks failed to deliver progress.

“Talks around ‘peace’ still look largely superficial and lack concrete evidence of de-escalation. Despite the rhetoric, vessel movement through the Strait of Hormuz remains curtailed, and that prolonged disruption is what’s keeping oil risk premiums elevated,” said Phillip Nova’s senior market analyst Priyanka Sachdeva.

Shipping data continued to show strain in the region, with six Iranian oil tankers reportedly forced to reverse course due to the U.S. blockade.

However, a liquefied natural gas vessel operated by Abu Dhabi National Oil Co successfully passed through the Strait and was reportedly near India, according to tracking data released on Monday.

Before the U.S.-Israeli conflict with Iran began on February 28, between 125 and 140 vessels typically passed through the Strait each day.

Analysts believe elevated prices could persist. Suvro Sarkar, head of DBS Bank’s energy sector team, expects a shift from hopes of de-escalation to a prolonged ceasefire stalemate, with oil likely trading between $100 and $125 per barrel.

“With no immediate deal and an indefinite ceasefire providing no certainty on whether the Strait is open or closed, oil prices will trend higher as physical markets catch up with paper markets. Eventually, the conflict will become ’normalised’ in financial markets, leading to less volatility but a higher baseline,” he said in an email.

Gold prices moved lower in Asian trading on Tuesday, retreating after earlier gains as rising oil prices and a more hawkish stance from the Bank of Japan heightened concerns about inflation linked to the Iran conflict.

Spot gold dropped 1% to $4,633.29 an ounce, while gold futures also slipped 1% to $4,646.90/oz by 02:32 ET (06:32 GMT).

Other precious metals weakened as well. Spot silver fell 3.2% to $75.1425/oz, while platinum declined 1.3% to $1,961.71/oz.

BOJ holds policy steady but flags inflation risks; Fed decision ahead

Gold’s decline followed the Bank of Japan’s decision to leave interest rates unchanged, while signaling a more hawkish outlook due to rising inflation risks tied in part to the Iran war.

The central bank increased its inflation forecast for fiscal 2026 and pointed to elevated oil and fuel costs as key drivers of price pressures.

The BOJ’s comments come just ahead of the Federal Reserve’s two-day meeting conclusion. Although the Fed is expected to keep rates on hold, markets are wary that policymakers could adopt a firmer tone on inflation.

Recent data for March already showed a notable rise in price pressures, reinforcing those concerns.

The U.S. dollar edged higher during Asian hours, building on gains recorded last week.

This meeting is also expected to mark the final one under Fed Chair Jerome Powell before his term ends on May 15. He is set to be replaced by former Fed governor Kevin Warsh, who recently appeared before Congress for his confirmation hearing.

Iran tensions persist as Hormuz talks remain unresolved

There has been little sign of progress in U.S.-Iran relations, with both sides still at odds over the Strait of Hormuz and Iran’s nuclear ambitions.

Iran reportedly put forward a proposal earlier this week to reopen the vital shipping route, but Washington has expressed doubts, particularly as the plan would delay discussions over Tehran’s nuclear program.

Efforts to revive direct negotiations stalled over the weekend after both countries declined to meet in Pakistan, leaving uncertainty around future diplomatic engagement.

The inflationary impact of the conflict—combined with oil prices climbing toward levels last seen in 2022—has weighed on gold. Rising expectations for higher interest rates have reduced the appeal of non-yielding assets like bullion, overshadowing its traditional safe-haven role.

Canal+ SA (LSE:CAN) shares gained 3.8% on Tuesday after the group released its first-quarter 2026 trading update and reaffirmed its full-year outlook.

The French pay-TV operator reported revenue of €2,169 million for the quarter, representing a 41% increase when excluding MultiChoice. Including the South African broadcaster, acquired last year, total group revenue edged down 0.4% compared with the same period in 2025.

Canal+ said integration of MultiChoice is progressing as planned. Chief executive Maxime Saada noted that initial steps in the turnaround are underway, including enhancements to commercial operations and the hiring of additional sales teams. In South Africa, MultiChoice (PTY) Ltd has also halted its longstanding policy of annual price increases.

The company maintained its guidance for 2026, describing the start to the year as solid, with revenue broadly stable.

Canal+ also confirmed it will become the first French company to list in South Africa, with shares set to begin trading on the Johannesburg Stock Exchange on June 3, 2026. The move fulfills a commitment made during last year’s acquisition of MultiChoice, while the company will retain its primary listing in London.

The stock initially surged as much as 7.5% in early trading before easing back to close 3.8% higher.

Copper demand is accelerating at an unprecedented pace, driven by electrification, renewable energy, and global infrastructure growth. Yet, for UK investors, direct exposure to this critical metal remains limited. The question is clear: what will it take to build a true copper-focused investment vehicle in the UK market?

One company aiming to answer that question is Serval Resources Plc(LSE:SRVL), under the leadership of CEO Robin Birchall. As the business transitions toward a copper-focused strategy, it is positioning itself at the forefront of a compelling market opportunity.

A Timely Entry into a Growing Market

With copper demand rising rapidly, timing is critical. Serval Resources Plc is preparing to list in London, marking a significant milestone in its evolution. According to Birchall, the company is entering the market with strong assets in high-quality jurisdictions and a clear roadmap for growth.

The ambition is straightforward: build a leading copper vehicle that gives UK investors meaningful exposure to a tightening global supply-demand dynamic. With fresh capital and a focused strategy, the company expects a productive year ahead, targeting measurable progress and key resource milestones.

Strategic Assets in Africa’s Copper Heartland

Central to this vision is the acquisition and development of exploration projects in Namibia and Botswana, regions closely linked to the renowned Central African Copperbelt.

In Namibia, Serval Resources controls an extensive and highly prospective land package, considered among the most attractive in the country. These projects are already at a relatively advanced stage, enabling the company to fast-track exploration with the goal of delivering a Mineral Resource Estimate (MRE) in the near term.

Botswana presents a different but equally exciting opportunity. While exploration there is more technically demanding due to Kalahari sand cover, the region benefits from advanced geophysical understanding and established mining operations. Serval Resources has identified two standout targets, including the Sweetthorn Pan within the 235 complex and the nearby 232 complex—both situated close to operations run by MMG Limited, one of the largest producers in the belt.

Funding Growth and Exploration

To support its strategy, the company has raised £2.9 million alongside a retail offer. This capital will be carefully allocated across Namibia and Botswana, with a near-term emphasis on Namibia where drilling can commence sooner.

While broader market conditions have been somewhat volatile in recent weeks, Serval Resources remains well-positioned to execute its exploration programme. The focus is on delivering tangible results, advancing projects, generating data, and ultimately making discoveries that can underpin long-term value creation.

A Platform for Long-Term Copper Exposure

Serval Resources Plc’s approach combines disciplined capital allocation with targeted asset acquisition, creating a focused platform designed to capture the upside of the global copper story.

As Birchall emphasises, the goal is not just exploration, but building a sustainable and scalable copper vehicle for UK investors, one that aligns with the growing importance of copper in the global economy.

With strong assets, a clear strategy, and a favourable market backdrop, Serval Resources Plc is taking meaningful steps toward becoming a key player in the UK’s copper investment landscape.

For more information visit – https://www.servalresources.com/

Card Factory (LSE:CARD) reported a 7.4% increase in revenue to £582.7m for the year ending 31 January 2026, supported by acquisitions and modest expansion of its store network. However, profitability declined as reduced high street footfall weighed on peak trading periods. Adjusted profit before tax fell 15.2% to £56m.

Digital operations were reshaped during the year, reflecting the acquisition of Funky Pigeon and the exit from non-core activities. Despite the profit decline, the business remained strongly cash generative, delivering £40.7m in free cash flow, although net debt increased slightly.

Efficiency programme and expansion initiatives support strategy

Management highlighted progress under its “Simplify & Scale” programme, which generated £21m in benefits and helped offset inflationary pressures. Investment continues in areas such as new point-of-sale systems and store segmentation, aimed at reinforcing Card Factory’s position as a leading destination for celebrations.

The group is also expanding its digital and wholesale capabilities, including integrating Funky Pigeon into the wider business and developing a strategy for the North American market. Confidence in cash generation is reflected in a higher dividend and plans for a £15m share buyback, despite ongoing macroeconomic and geopolitical uncertainty.

Strong valuation offset by weak technical picture

Card Factory’s outlook is supported by solid underlying financial performance and an attractive valuation, with a relatively low P/E ratio and high dividend yield appealing to income-focused investors.

However, technical indicators remain weak, with the share price trading significantly below key moving averages and showing bearish momentum, even as oversold conditions may limit further downside.

More about Card Factory

Card Factory is the UK’s leading specialist retailer of greeting cards, gifts and celebration products, operating more than 1,100 stores across the UK and the Republic of Ireland. Alongside its physical footprint, the company is expanding its digital and wholesale channels as it evolves into a broader global celebrations business, with a growing focus on party supplies, gifting and international markets.

IQE (LSE:IQE) has completed a placing and retail offer, issuing more than 65 million new shares at 19.8 pence to raise £13 million. This forms part of a broader capital raise that includes a strategic investment from MACOM and the reinvestment of convertible loan notes. In total, the fundraising is expected to generate £81 million in gross proceeds, subject to shareholder approval at a general meeting scheduled for 15 May and required regulatory clearances under UK national security and Italian foreign investment rules.

Shareholder approval critical to funding outcome

The company cautioned that failure to secure shareholder backing would result in the fundraising being withdrawn, leaving IQE in need of urgent financing to address near-term liquidity requirements. In such a scenario, management indicated that the group’s financial position and future prospects would be significantly weakened.

Major shareholders Lombard Odier and Artisan Partners are participating in the placing, triggering related-party transaction considerations. However, independent directors have deemed the terms fair and reasonable. Following completion, the company’s issued share capital is expected to increase to around 1.31 billion shares upon admission to AIM.

Financial challenges persist despite market momentum

IQE’s outlook remains constrained by ongoing financial difficulties, including negative profitability and weakening cash flow, alongside a valuation profile characterised by a negative P/E ratio.

These concerns are partly offset by stronger recent share price performance, with technical indicators showing positive momentum and the stock trading above key moving averages.

More about IQE plc

IQE plc is a Cardiff-based provider of advanced compound semiconductor wafers and materials used across a range of industries, including communications, automotive, industrial and aerospace applications. Listed on AIM, the company operates large-scale epitaxy manufacturing facilities in the UK, the United States and Taiwan, supplying high-performance wafers to global semiconductor companies and original equipment manufacturers.