The FTSE 100 inched higher on Tuesday, snapping a six-day losing streak as energy stocks led the gains, even as investors continued to weigh tensions in the Middle East and the lack of meaningful progress in US-Iran talks. Brent crude climbed above $111 a barrel, with traffic through the Strait of Hormuz still largely constrained, keeping pressure on global trade flows.
BP advanced 1.1% and Shell rose 1%, with BP also reporting a stronger-than-expected quarterly profit, underpinned by higher oil prices and robust trading performance, despite a cautious outlook on production. Lloyds Banking Group added 1.1% ahead of its earnings release, while HSBC, Unilever and BAT also lent support with modest gains.
On the downside, Taylor Wimpey fell more than 4% amid deteriorating housing affordability and mounting pricing pressures. Anglo American lost over 2.5%, despite reporting solid copper production following the restart of an operation in Chile. Barclays edged lower after unveiling a £500 million share buyback. Separately, UK shop price inflation slowed to 1% in April as retailers cut prices to bolster consumer demand.
