London’s FTSE 100 retreated 0.5% on Thursday, ending a six-session winning streak as energy shares came under pressure from falling oil prices. The blue-chip index had gained in each of the prior six sessions, its longest run since late May, but the advance stalled as Brent crude dropped 0.5% to $87.40 a barrel.
Energy majors Shell and BP fell 1.37% and 0.9%, respectively, as softer raw material prices weighed on the sector. Prudential bucked the trend, slipping just 1.2% despite reporting an 8% increase in first-half new business profit to $1.38 billion.
British industrial data added to the cautious tone. Vehicle production tumbled 11.6% year-on-year in July to 63,655 units, according to the Society of Motor Manufacturers and Traders, with exports down 15.9% and earlier-than-usual summer plant shutdowns cited as key factors.
The decline in oil prices followed diplomatic talks between Qatari and Iranian officials in Tehran, raising expectations of an agreement to reopen commercial transit through the Strait of Hormuz. The Strait accounts for roughly a fifth of global oil supply, and any easing of tensions has historically supported crude price stability.
Commodities outside energy showed mixed signals. Industrial metals gained ground, with zinc extending a seven-day rally and copper prices firming, while the broader market focus remained on energy-linked equities and macroeconomic cues.
