The FTSE 100 traded flat to slightly lower on Tuesday, lagging broader European markets as weakness in energy and utility stocks weighed on the benchmark. Sentiment was dampened by a pullback in oil prices, driven by hopes of progress toward a US–Iran peace agreement, despite ongoing security uncertainty in the Strait of Hormuz. Shell slipped about 1.7%, while BP lost 0.8%.
Utilities also retreated: Centrica fell more than 2%; Severn Trent and SSE each declined 1.8%; National Grid was down 1.4%; and United Utilities dropped 1.2%. In regulatory news, Ofgem confirmed that the UK household energy price cap will rise by 13% from July, adding around £18 a month to a typical bill. This is the largest increase since 2023, reflecting the impact of elevated energy costs amid continued tensions in the Middle East.
On the corporate front, Greencore reported a solid performance in its third quarter, while Pets at Home delivered full-year profits in line with market expectations.
