The FTSE 100 fell 1.8% on Monday morning as investors continued in risk-off mode amid surging oil prices and the escalating conflict in the Middle East.
The sell-off was mirrored across Europe, with Germany’s DAX down 2.5% and France’s CAC 40 falling 2.7%. The broader STOXX Europe 600 declined 2.3%.
Markets turned sharply lower after Brent crude surged following output cuts by major oil producers amid the ongoing conflict in the Middle East.
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Brent crude climbed is currntly trading around $107 a barrel, intensifying concerns about energy-driven inflation and the potential economic impact of prolonged supply disruptions.
Predictably, oil stocks were among the few bright spots in London. Oil majors Shell and BP rose 1.8% and 1.2%, respectively, benefiting from the spike in crude prices. Admiral Group also edged higher, gaining 1.2% to round out the list of the index’s top risers.
Losses were led by industrial and mining stocks. Rolls‑Royce Holdings dropped 6%, while miners Anglo American and Antofagasta fell 5.7% and 5.6%, respectively.
Travel stocks were also under pressure as higher fuel costs weighed on sentiment. International Airlines Group slid 4.4%, while low-cost carrier easyJet dropped 3.7%.
Despite its traditional safe-haven appeal, gold remains volatile, falling about 1.5% to roughly $5,096 an ounce.
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