Energy Transition & Power Demand▼impact 4
FTSE 100 falls as Middle East conflict intensifies and oil surges
London stocks closed lower on Thursday as the widening Middle East conflict and a surge in oil prices unnerved investors. The FTSE 100 index fell 77.80 points, or 0.7%, to 10,639.17, while the FTSE 250 dropped 1.3% and the AIM all-share lost 0.8%. Brent crude topped 100 dollars a barrel for the first time since May after Yemen's Houthi rebels attacked two Saudi tankers, and US President Donald Trump threatened Iran and the Houthis with major military punishment. The European Central Bank kept interest rates unchanged but signalled that higher energy costs could reignite inflation, with President Christine Lagarde suggesting another rate hike could come as soon as September. In London, oil majors BP and Shell rose 3.1% and 1.6% respectively, while Segro led the FTSE 100 with a 6.5% gain after saying it was prepared to recommend a takeover proposal from Prologis that values the company at around 14 billion pounds. Centrica sank 10% after reporting lower operating profit and revenue, and on the FTSE 250, CVS Group fell 6% despite higher annual revenue, citing a challenging UK economic backdrop.