The FTSE 100 closed more than 0.5% higher on Monday, outperforming other major European indices as strength in oil stocks and the benchmark’s defensive profile underpinned sentiment. Shares in Shell and BP each gained around 1%, supported by Brent crude edging back towards $108 a barrel after Saudi Arabia shut a key crude pipeline in the wake of attacks, disrupting a key alternative route to the Strait of Hormuz. Supply concerns were further heightened by the postponement of a planned meeting between Iran and several Gulf states on creating a temporary shipping corridor through Hormuz.
In corporate news, GSK climbed more than 2.5% after reporting positive clinical trial results for its lung-cancer therapy Jideytro. Legal & General advanced about 1.5% following the launch of the second £600 million tranche of its share buyback programme. AstraZeneca gained roughly 1.8% despite a setback for its breast-cancer drug Etcamah, which failed to show superiority over standard care in a late-stage trial.
