# Risk-on attitude rebounds amid Iran deal hopes despite UK economic contraction

By Matt Britzman — 2026-06-12

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Oil prices have eased back into the mid-$80s per barrel, their lowest levels in two months, as hopes of a diplomatic breakthrough take some of the immediate risk premium out of the market.

“But even if a deal is reached, getting supply back to normal will not be as simple as flicking a switch, with mines in the Strait of Hormuz to clear, idled production fields to restart, and damaged energy infrastructure to repair.

“That means oil markets may be breathing a little easier, but the path back to smoother flows could take us into the latter part of the year.

“SpaceX’s long-awaited IPO is set to be one of the biggest moments for markets today, with reports suggesting the offer is around four times oversubscribed.

“The real test comes once trading begins, because strong demand for an allocation does not always translate into the same willingness to buy in the open market, and long-term returns will still come down to the familiar mix of business quality, fundamentals and valuation.

“UK investors should also remember that US IPOs usually go through an opening auction at the start of the session, which can last a few hours, so SpaceX is unlikely to be available to trade straight out of the blocks.”

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