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Iran and Oman are still negotiating the details of a possible Strait of Hormuz agreement, while reopening remains linked to US conditions. Oil prices declined and energy shares weakened as investors monitored the geopolitical risks. European and Irish markets were mixed, with gains for Cairn Homes, Ryanair and Hochschild Mining offset by falls in energy, technology and agricultural stocks. US equities opened cautiously after stronger inflation data, with investors awaiting Nvidia results and assessing new commitments by Meta concerning teenagers and social media.
Iran and Oman are continuing discussions over the practical details of a possible agreement concerning the Strait of Hormuz, according to a senior Iranian source cited by Reuters.
The strategically important waterway is one of the world's main energy corridors and handled approximately one-fifth of global oil and gas shipments before its reopening became dependent on negotiations involving the United States. The source indicated that the passage would not fully resume normal operations until Washington meets conditions set by Tehran, leaving uncertainty over the timing of any broader agreement.
Developments around the strait remain closely watched by energy traders because any prolonged disruption could affect oil supplies, shipping costs and inflation across major economies. Oil prices eased during Wednesday trading as markets assessed the outlook for the waterway and broader economic conditions. Brent crude for October delivery traded at 88.09 dollars a barrel, down from 89.31 dollars late on Tuesday.
The decline weighed on several energy companies, with BP shares falling 1.1 per cent and Shell shares losing 0.5 per cent. In Dublin, market performance was mixed. Homebuilder Cairn Homes was the strongest riser, advancing 1.4 per cent to 2.58 euros, while Ryanair gained 1.2 per cent to 23.94 euros. Origin Enterprises fell 2.9 per cent to 4.35 euros and mining company Mincon declined 2.7 per cent to 0.71 euros.
Glenveagh Properties ended the session unchanged at 2.45 euros, although a regulatory filing revealed that American Century Investment Management had acquired a 3.02 per cent stake in the homebuilder. The Kansas-based investment firm crossed the threshold requiring public disclosure. In London, the FTSE 100 edged down 0.07 per cent to 10,878.12, ending a six-session winning streak, while the FTSE 250 added 0.17 per cent.
Healthcare and energy stocks contributed to the decline as investors reviewed stronger-than-expected United States inflation data and awaited quarterly results from Nvidia. Sage was the leading FTSE 100 decliner, dropping 3.8 per cent after Intuit reduced its revenue outlook. Intuit now expects annual revenue of between 23.28 billion and 23.51 billion dollars, representing growth of 9 to 10 per cent and falling short of market expectations.
Hochschild Mining was the strongest performer in the FTSE 250, rising 6.3 per cent after reporting a sharp improvement in first-half results. The precious metals producer recorded pretax profit of 365.8 million dollars, compared with 109.3 million dollars a year earlier, while revenue climbed 62 per cent to 844.4 million dollars. Higher realised gold and silver prices, up 47 per cent and 130 per cent respectively, supported the result even though gold production was broadly unchanged.
European equities were largely stable, with the Stoxx 600 closing 0.01 per cent lower at 656.41. Investors remained cautiously optimistic because the European economy has shown more resilience than expected despite the earlier energy shock. Banks were the strongest sector, gaining 1 per cent overall. Deutsche Bank rose 4.3 per cent to its highest level since July 2011, while Commerzbank advanced 2.8 per cent.
Germany's finance minister Lars Klingbeil is expected to meet UniCredit chief executive Andrea Orcel, in what would be Berlin's first direct engagement over UniCredit's interest in Commerzbank. United States markets opened quietly after the latest inflation figures came in above forecasts. The Dow Jones Industrial Average and Nasdaq Composite were each down 0.2 per cent, while the S and P 500 was broadly flat. Nvidia shares slipped 1.1 per cent ahead of results released after the market close.
Bank of America expects the chipmaker to exceed sales estimates and raise its outlook, but said investors would also focus on balance sheet disclosures. Meta Platforms gained 2.3 per cent after announcing an agreement that could require payments of up to 18 billion dollars to US states and introduce significant new restrictions on teenagers' use of its social media services.
Together, the market moves reflected a combination of geopolitical uncertainty, changing energy expectations, inflation concerns and continued attention on corporate earnings
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