Market Report - Europe
Europe open: Stocks dip, oil rises as Trump reviews Iran peace proposal
By Michele Maatouk
Date: Tuesday 28 Apr 2026
(Sharecast News) - European stocks dipped in early trade on Tuesday as oil prices rose amid reports that Donald Trump is unhappy with Iran's peace proposal.
At 0845 BST, the benchmark Stoxx 600 index was down 0.1%, while Germany's DAX and France's CAC 40 were both 0.2% lower. At the same time, Brent crude was up 3.3% at $111.82 a barrel.
Investors were awaiting Trump's response to the peace proposal from Iran as reports suggested he was unlikely to accept it because it sets aside any discussions about Tehran's nuclear program until the war is ended.
According to Reuters, citing a US official, the proposal is unlikely to satisfy the US, which says nuclear issues must be dealt with from the outset.
Susannah Streeter, chief investment strategist at Wealth Club, said: "As the Iran crisis continues seemingly without end, with negotiations stuck at a stalemate, oil prices have ratcheted higher. Brent crude has been trading above $110 a barrel as warnings of an unprecedented energy shock hit home. With the ceasefire largely holding, there seems to be an absence of urgency in reaching an agreement.
"The sticking points appear to be whether Iran's concessions over ceasing its nuclear programme go far enough for the US, while from Tehran's side it wants the US naval blockade lifted and a new plan for transit through the Strait of Hormuz. Every day this crucial waterway remains closed, the higher the costs that filter through supply chains causing fresh financial pain for companies and consumers.
"As crude prices ramp up in the void of hope about a deal being reached anytime soon, it's sent fresh worries cascading through equity markets."
In corporate news, BP gushed higher as the oil giant posted a better-than-expected first-quarter profit as it benefited from a surge in oil and gas prices due to the Iran war.
Underlying replacement cost profit - BP's preferred measure - came in at $3.2bn in the first three months of the year, up from $1.4bn in the same quarter a year earlier, and from $1.5bn in the final quarter of 2025. This was ahead of analysts' expectations of $2.6bn.
BP said the underlying result reflects "exceptional" oil trading contribution and stronger midstream performance.
Norwegian Air Shuttle gained as it reported a narrowing of its first-quarter losses.
On the downside, Barclays fell as it said credit impairment charges increased to £823m in the first quarter from £643m in the same period a year earlier but also posted a 6% jump in revenue and a 3% rise in pre-tax profit.
Novartis was sharply lower as the Swiss pharmaceutical group's first-quarter operating profit and sales fell short of analysts' expectations.
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