FTSE 100 Live: Stocks jump as Glencore, Antofagasta lead miner boost; oil creeps up

Welcome back to the City AM FTSE 100 liveblog.

It’s Tuesday morning and the UK’s blue-chip index has made early gains, boosted by strong gains from London’s listed miners. Fresnillo posted a roaring 75 per cent jump in revenue to $3.4bn (£2.5bn), lifting heavy hitters across the sector.

Glencore and Antofagasta both gained more than four per cent in early trading, while Anglo American put on 3.5 per cent and Rio Tinto jumped 2.5 per cent. Tuesday’s miners boost builds on a strong performance for the sector last week, when Rio Tinto posted a 43 per cent jump in profit and Glencore said it was on track for a record-breaking performance in its trading division.

Oil prices edged back up on Tuesday, despite hopes that a US-Iran peace deal could be nearing. Brent crude – the international benchmark for oil prices – rose nearly three per cent to $85 amid uncertainty over the actual progress of peace negotiations.

The price of oil had drifted lower yesterday after Donald Trump called off strikes on Iran but progress towards a finalised peace deal continues to stall as the President clashes with Iran’s leadership.

Speaking on Monday, Trump insisted that peace talks were progressing. Talks were “going on right now” and will “go quickly, one way or another,” Trump said, adding: “This is the last chance for them to sign a good document.”

The FTSE 100 closed 10 points lower on Monday, at 10,857. The index endured a shaky open to make some gains during the afternoon, but slipped during late trading. Housebuilders like Barratt Redrow and Vistry were among the London Stock Exchange’s biggest gainers, as they rallied on hopes of a peace deal and rumours that the government could revive the Help to Buy scheme.

We’ll be bringing you the latest market and economic updates throughout the day.

This morning’s top stories:

• UK founders cast doubt on Burnham’s pro-business push
• Exclusive: Blackstone set to back AI ‘droid’ firm at $3.5bn valuation
• British brewery drafts plan to join Pisces platform
• London’s IPO lull expected to last into 2027
• Oil price falls but Trump and Iran clash on negotiations claim