Maintaining the ceasefire between the United States and Iran is the "absolute priority" for reaching a settlement to the conflict, Chinese Foreign Minister Wang Yi announced in a telephone call with his Pakistani counterpart Ishaq Dar, following the failure of U.S.-Iranian talks in Islamabad.

Yesterday, Iran denounced a "grave violation of its sovereignty" after the entry into force of the maritime blockade imposed by the United States against Iranian ports in the Gulf and the Gulf of Oman.

The "illegal" act by the United States "represents a serious threat to international peace and security, and clearly exacerbates the risk of escalation in a highly volatile region," wrote Iranian UN Ambassador Amir Saeid Iravani in a letter addressed to UN Secretary-General Antonio Guterres.

For his part, Donald Trump remained aggressive toward Iran in a new message posted on the Truth Social platform. "The Iranian Navy lies at the bottom of the sea, wiped out. We did not touch their small number of speedboats because we did not consider them a significant threat. Warning: if any of these vessels approach our blockade, they will be immediately eliminated, using the same method as that used against drug traffickers at sea. It is fast and brutal."

Furthermore, the U.S. President confirmed that 34 ships crossed the strait on Sunday, "by far the highest number since the start of this senseless closure" by Iran. "I can tell you that the other side called us. They (the Iranians) would like to make a deal, at any cost," Trump also stated, following the failure of negotiations in Pakistan to end the war in the Middle East.

"But if this war and this blockade last more than three months, we will begin to face serious supply problems for certain products such as kerosene, which will force the rationing of aircraft, or diesel," warned TotalEnergies CEO Patrick Pouyanne during a conference in Washington, on the sidelines of the IMF and World Bank Spring Meetings. "It is clear that the reopening and free movement in the Strait of Hormuz, even if it involves paying compensation to anyone, is crucial for market freedom," the executive added.

In addition, the Executive Director of the International Energy Agency (IEA), Fatih Birol, also reacted to the evolution of the conflict in the Middle East. According to him, April "is expected to be even worse than March" for the energy sector, even if the war in Iran were to find a swift conclusion.

In this still highly palpable geopolitical context, the war in the Middle East is expected to have had "a limited impact" on corporate activity in France in the first quarter, according to the Banque de France. The central bank still forecasts quarterly GDP growth of up to 0.3%.

On the 46th day of the Middle East conflict, oil prices remain below the 100-dollar mark. WTI is up 0.54% at 97.04 dollars, while Brent is gaining 0.84% to 98.82 USD.

LVMH Retreats, Eurofins Climbs

In corporate news, LVMH (-1.76%) posted the sharpest decline on the CAC 40 at mid-session. Yesterday, the world's leading luxury group announced a 6% drop in sales to 19.1 billion euros for the first quarter of 2026, within a geopolitical and economic environment described by the group as "disrupted." It remains vigilant but nonetheless confident at the start of the year.

Conversely, Eurofins Scientific (+5%) leads the Parisian flagship index following the announcement of the sale of its MET Labs electrical and electronics testing business to the American firm UL Solutions for an enterprise value of 575 million euros.

In Europe, Intertek jumped 11.98%, posting one of the strongest gains on the FTSE 100. The inspection and certification services group climbed after reporting revenue of 838.5 million pounds sterling, compared to 808.9 million GBP a year earlier. In its wake, it announced a potential spin-off of its Energy and Infrastructure division from its testing and quality assurance activities.

Finally, Sika dominates the SMI index, gaining 9.27%. The construction chemicals supplier reaffirmed its 2026 guidance, despite first-quarter revenue falling 7% year-on-year, penalized by currency effects.

Within the same Swiss index, Givaudan also stands out with a gain of 4.83%. In the first quarter, revenue for the flavors and fragrances specialist rose by 2.8% on a like-for-like basis to reach 1.875 billion Swiss francs.

Around noon, the euro was up 0.31% at 1.1790 dollars.