The FTSE 100 opened in the red on Tuesday morning, as surging oil and gas prices continue to rattle global markets. London's blue-chip index fell 1.56% by around 8.30am to 10,612.38, down 167.73 points, as tensions between Iran and the US intensified.

Brent crude jumped more than 3% on Tuesday to a one-year high of $80 a barrel, after soaring as much as 13% on Monday to above $82 before easing back. An Iranian official reportedly warned tankers that no vessels would be allowed through the Strait in retaliation for US and Israeli strikes. The narrow waterway carries about a fifth of the world's oil supply and seaborne gas.

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