London’s FTSE 100 inched up 0.1% to 10,886 points on Wednesday, extending Tuesday’s 0.3% advance as mixed sector performance offset gains in miners and homebuilders.
Brent crude futures fell 2.14% to $85.40 a barrel, pressured by reports that Iran and Oman had resumed bilateral talks to manage and potentially reopen the Strait of Hormuz. The easing of immediate supply disruption risks triggered profit-taking across energy majors, with Shell and BP both declining more than 1.5%.
The FTSE 100’s modest advance followed a £10 billion UK government social housing program unveiled earlier this week, which analysts said could support domestic construction and related sectors. Softening raw material costs provided additional relief to consumer-facing industries and industrial miners, with Rio Tinto up 0.69% and Anglo American gaining 1.50%.
Copper prices rose to a six-month high, supported by dwindling London Metal Exchange inventories, while gold eased slightly ahead of U.S. inflation data due later in the week. The broad commodity complex remained under pressure as oil led declines, though base metals showed resilience amid tightening supply conditions.
