The FTSE 100 edged lower on Wednesday, snapping a six-session winning streak as weaker oil prices dragged on energy shares. BP slipped more than 2%, while Shell lost around 1.4%, with crude extending its decline for a third consecutive day amid hopes that shipping through the Strait of Hormuz will resume. Iran and Oman have discussed an interim framework intended to enable renewed traffic through the key maritime corridor.
By contrast, mining stocks offered some support to the index, with Antofagasta, Anglo American and Fresnillo each advancing more than 1%. Entain and Persimmon also drew attention after FTSE Russell signalled that both companies are likely to be dropped from the FTSE 100 in its latest index review.
Separately, Ofgem announced that the UK energy price cap will rise by 4% from October, pointing to higher wholesale gas costs linked to tensions in the Middle East. Investors are also turning their focus to Nvidia’s upcoming results, seeking further clues on the durability and strength of the current AI investment cycle.
