Oil climbs as Iran dials back expectations for Hormuz reopening

European stocks showed mixed results on Tuesday, while

European stocks showed mixed results on Tuesday, while fresh data indicated that the UK job market is showing signs of improvement for those seeking work, with a notable uptick in wages.

In a separate development, the John Lewis Partnership, the UK's largest employee-owned retailer, announced that Peter Ruis, the managing director of its department store chain, will be leaving the company. Ruis, who has held the position since 2024, is set to depart to "pursue new projects," the company said. He will be succeeded by Will Kernan, a non-executive director on the partnership's board, as part of what the firm described as an "orderly succession plan."

Kernan, who has been on the board for three years, expressed enthusiasm for his new role, stating, "I have a clear understanding of the John Lewis business and a huge appreciation for the partnership's values and employee-ownership model. We have significant headroom for growth and I'm looking forward to leading the team to ensure John Lewis remains the country's most trusted and loved retailer, both in store and online."

Meanwhile, oil prices edged higher as Iran tempered

Meanwhile, oil prices edged higher as Iran tempered earlier optimism about the reopening of the Strait of Hormuz, a critical waterway for global crude shipments. The shift in tone came after initial reports suggested the strait might reopen soon, but Tehran's latest remarks have cooled those expectations, keeping supply concerns at the forefront.

The mixed trading in Europe reflected broader uncertainty, with investors weighing geopolitical risks against improving economic signals. The UK employment report offered a glimmer of hope, suggesting that wage growth is beginning to outpace inflation in some sectors, a positive sign for household finances.

Analysts noted that the oil market remains sensitive to any developments in the Middle East, given the strait's importance. A prolonged disruption could have significant implications for global energy prices, though the latest gains suggest traders are still pricing in a degree of risk.

As the day progressed, market participants kept a

As the day progressed, market participants kept a close watch on central bank commentary and upcoming economic data, looking for clues about the trajectory of interest rates. The combination of a firmer job market and persistent geopolitical tensions is likely to keep volatility elevated in the near term.