FTSE 100 winners and losers as stock markets rebound

A still-elevated oil price of $90 a barrel today failed to dampen risk appetite as buyers returned to Barclays (LSE:BARC) and Aviva (LSE:AV.) among those stocks hit hardest on the back of the Middle East conflict.

Their gains helped the FTSE 100 index put back 165 points as global markets appeared to price in a swifter resolution to the war than appeared possible at Monday’s opening bell.

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Brent crude futures started the week at $119.50. But comments by US President Donald Trump that the war is “nearly over” contributed to the biggest one-day turnaround since records began in the 1980s, leaving the price as low as $83.66 in US trading hours.

That became $93 a barrel by lunchtime today after Iran launched more attacks on Gulf countries. And with no end to disruption in the Strait of Hormuz, Saudi Arabia has become the latest country to cut production as storage facilities across the region fill quickly.

The potential for a stagflationary shock to the global economy remains, given that oil prices are still up by 28% and natural gas more than 70% higher since the end of February.

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Over that period, the FTSE 100 index has lost 4.6% of its value as traders have retreated from risk and revised assumptions for growth and interest rates in light of higher energy prices.

However, the index is still 4.9% higher than 1 January in a performance that ensures the FTSE 100 ranks alongside the Nikkei 225 as the best-performing stock market in 2026.

BAE Systems (LSE:BA.) and BP (LSE:BP.) have offered the most support after respective gains of 6% and 4% since the war started, as have some of the stocks at the centre of last month’s AI disruption fears after robust performances by RELX (LSE:REL), Pearson (LSE:PSON) and Sage Group (The) (LSE:SGE).

Admiral Group (LSE:ADM) leads the 15-strong group of stocks higher than where they were on 27 February, with the car insurer up 8% after boosting confidence through last week’s annual results.

Source: ShareScope. Past performance is not a guide to future performance.

At the other end of the FTSE 100, the prospect that interest rates will stay higher for longer have combined with fears of another cost-of-living crisis to leave retail and consumer stocks among the worst performers.

Marks & Spencer Group (LSE:MKS) has lost 10% of its value, while B&Q owner Kingfisher (LSE:KGF) and kitchens supplier Howden Joinery Group (LSE:HWDN) are down 12% despite their shares improving today.

The events have dealt another setback to long-suffering Diageo (LSE:DGE) shareholders after the drinks giant dipped to 1,500p for the first time in over a decade. The 9% retreat since the war began leaves shares lower so far in 2026, despite the arrival of new boss Dave Lewis.

Other consumer-focused global players have also suffered following declines of 10% for Unilever (LSE:ULVR) and 7% for Burberry Group (LSE:BRBY), while the combination of Middle East flight disruption and potential for higher jet fuel costs has weighed on International Consolidated Airlines Group SA (LSE:IAG).

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The British Airways owner received strong buying support today, including from interactive investor customers as one of the most-traded stocks on our platform this morning. However, IAG remains 18% cheaper than prior to its release of record-breaking results on 27 February.

Other stocks have fallen back from their record highs set during the FTSE 100’s strong run in February, including HSBC Holdings (LSE:HSBA) after a 7% reverse so far in March.

Barclays has fallen 8% over the same period as much slower economic growth threatens to upend the three-year projections for shareholder returns that were a stand-out feature of the company’s recent annual results.

Shares today rallied 5% as one of the other top picks for ii customers. Aviva was also in demand on our platform and more broadly as investors seized the opportunity to buy shares at a price 8% cheaper than before last week’s strong results.

Lloyds Banking Group (LSE:LLOY) and NatWest Group (LSE:NWG) have been more resilient since the start of the war, falling by about 4% when including today’s strong session.

Property-focused firms also rallied today but with interest rates set to stay higher for longer the likes of Barratt Redrow (LSE:BTRW) and British Land Co (LSE:BLND) are still down 15% and 8% respectively. Persimmon (LSE:PSN) is off 12%, despite today’s strong results-day performance.