British equities started the new week higher, with the FTSE 100 up 0.38% at Monday's close, as investors assessed falling Brent crude prices ahead of expected US retaliation against Iran.
US Treasury Secretary Scott Bessent is poised to announce the "toughest" sanctions in history against Iran and its trading partners at a press conference later today. Labeled an "Economic D-Day" for Iran, the measures will launch a campaign of "the greatest coordinated economic isolation in the history of the world," Bessent said.
Meanwhile, Iran maintained its stance to hold off oil flow from the Gulf if the "economic war" continued. "Although direct military strikes have eased in recent weeks, the lack of meaningful negotiations means the prospects for any deal are slim in the short term," Danske Bank said.
In corporate news, GSK's (GSK.L) supplemental biologics license application for Jemperli, or dostarlimab, as a treatment for advanced rectal cancer was accepted for priority review by the US Food and Drug Administration.
The pharmaceutical giant's Hibsago also gained its first-ever global approval, with authorization in Japan for use as a functional cure for chronic hepatitis B in adult patients. Still, shares fell 0.91% in the closing session.
Shell (SHEL.L) was down 0.40% after the oil giant reportedly received nonbinding indicative offers from energy giant ExxonMobil and chemicals group LyondellBasell for four of its underperforming chemical plants in the US. Potential deals could be valued at up to $8 billion, London's Financial Times said, citing people familiar with the matter. Shell and LyondellBasell had no comment when reached by.
On the economic calendar, investors will view the Confederation of British Industry's distributive trades report on Wednesday, car production data on Thursday, and Nationwide housing prices on Friday.