FTSE 100 steadies as oil majors lift index amid Iran strikes
FTSE 100 was flat as gains in oil majors offset weakness in financials after renewed US–Iran military exchanges pushed oil prices up over 3%.
London’s FTSE 100 was little changed on Monday, edging up 0.03% to 10,499.88 by 09:27 GMT, while the domestically focused FTSE 250 slipped 0.1%.
Energy stocks outperformed after Brent crude rose more than 3%. The FTSE 350 energy index climbed 1.1% as investors increased exposure to oil producers.
Iran’s Revolutionary Guards reported strikes on US military facilities in Bahrain and Kuwait, the destruction of radar systems in Oman and attacks on fuel tanks and ammunition depots at Prince Hassan Air Base in Jordan, in response to recent US strikes.
Market participants priced higher oil as a supply risk that could affect traffic through the Strait of Hormuz and the agreement to keep vessels moving there.
Financials were among the weakest sectors. Trading-platform operator Plus500 tumbled 14.3% on the FTSE 250 after it kept its annual outlook unchanged.
Precious-metals miners fell as gold dropped more than 1%. Producers including Endeavour Mining, Fresnillo and Hochschild Mining each slipped about 0.6%.
Vodafone rose 4.6% to lead FTSE 100 gainers after French billionaire Xavier Niel announced plans to buy a near-$6 billion stake in the telecoms group from UAE-based e&. The purchase would make his vehicle the largest shareholder.
The session left the FTSE 100 largely flat, with energy gains offset by weakness in banks, miners and midcaps.
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