Stock markets around the world are nervously watching fresh developments in the crisis over Ukraine.
Hopes of a breakthrough have risen on news that US President Joe Biden has agreed "in principle" to hold a summit with Russian President Vladimir Putin.
But the talks proposed by France will only take place if Russia does not invade its neighbour, the White House added.
The meeting could offer a possible diplomatic solution to one of the worst security crises in Europe in decades, which has led to uncertainty in financial markets.
FTSE 100
The UK's top share index, the FTSE 100, has just suffered its worst week in three months – dropping by another 23 points to 7,513 on Friday. It had started trading on Monday at 7,661.
The index was ahead 41 points at 7,555 shortly after opening this morning.
Oil was also down last week, as the prospect of extra supply from Iran returning to the market eclipsed fears of supply disruption arising from a Russian invasion of Ukraine.
Ministers from Arab oil-producing countries on Sunday rejected calls to pump more and said OPEC+ - the alliance of OPEC countries and other suppliers including Russia - should stick to its current agreement to add 400,000 barrels of oil per day.
Oil futures were down slightly this morning - the March contract for Brent fell 0.41% to $93.16 a barrel, while West Texas Intermediate dipped $0.52 to $90.60.
In the US, Wall Street futures have rallied on news of the possible Biden-Putin summit.
S&P 500 stock futures reversed out of early losses to trade 0.4% higher, while Nasdaq futures edged up 0.2%.
As well as the situation in Ukraine, financial markets have been troubled by the prospect of an aggressive tightening by the US Federal Reserve as American inflation runs rampant.
At least six Fed officials are set to speak this week and markets will be hyper-sensitive to their views on a possible hike of 0.50% in March.
Reuters reports that recent commentary has leant against such a drastic step and futures have scaled back the chance of a half-point rise to around 20% from well above 50% a week ago.
Gold has benefited from its status as one of the oldest of safe harbours - climbing to nine-month highs, and was marginally down this morning at $1,892 an ounce.
Companies reporting today
Interims: Finsbury Food Group
Other updates
IHS Markit/CIPS flash UK composite PMI survey