TP ICAP Group shares tumbled after the company said the conflict in the Middle East hit its oil futures performance in the second quarter.

Shares were down 7.6% at 318.80 pence during early afternoon European trading, leading the Stoxx 600 index fallers. However, the stock has climbed 23% in the year to date.

The FTSE 250-listed inter-dealer broker said Thursday that first-half revenue for its energy and commodities division fell 2.1% to 233 million pounds ($313.8 million), compared with 238 million pounds for the same period in the previous year.

TP ICAP noted a particularly strong performance in oil derivatives in the first quarter, which weakened significantly in the second quarter due to the war in the Middle East. Oil futures account for more than half of the divisional revenue.

Adjusted earnings before interest and taxes margin for energy and commodities narrowed sharply to 5.2% in the first half from 13.4% a year ago. The overall company margin slimmed to 15.2% from 18.0%.

The narrower energy and commodities margin is due to ongoing investment and the revenue slowdown in the second quarter, TP ICAP said.

"We anticipate improvement over the medium term as productivity increases and the benefits of these investments are realized," the company said.

Despite the hit to oil trading, TP ICAP said it remains confident in its outlook for 2026 and expects to meet adjusted earnings before interest and taxes market forecast. It provided a consensus of 365 million pounds, which compares with 264 million pounds in 2025 and 152 million pounds for the first half of 2026.

The company said pretax profit climbed 9.8% to 135 million pounds in the first half, while revenue increased 5.6% to 1.29 billion pounds. TP ICAP raised its interim dividend by 7.7% to 5.6 pence.