The FTSE 100 is down 0.6% on Monday morning as investor sentiment sours following the seizure of an Iranian-flagged vessel near the Strait of Hormuz, reigniting fears of further disruption to global energy flows and undermining recent diplomatic efforts.
The FTSE 250 is off 1.2%, Germany’s DAX has fallen 1.6% and France’s CAC 40 is down 1.1%.
The escalation has prompted fresh threats from both sides and sent oil prices higher, boosting energy stocks. BP leads the FTSE 100 risers, up 3.3%, with Shell close behind at +2.6%.
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British American Tobacco is also among the top gainers, rising 2%.
On the downside, Antofagasta is the biggest faller, dropping 4.8%, followed by Melrose Industries at -3.4% and IAG at -3.3%. Rolls-Royce and Barratt Redrow are also notable laggards, both shedding more than 3%.
In the FTSE 250, precision engineering firm Renishaw is the standout performer, surging 6.4% after raising its full-year guidance.
Energy names Ithaca Energy and Harbour Energy are also making strong moves, up 4.5% and 4.4% respectively, buoyed by the rise in oil prices.
Wizz Air is the biggest faller in the mid-cap index, sliding 5.1% as the airline contends with renewed concerns over Middle East flight disruptions and higher fuel costs.
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