The FTSE 100 traded lower on Monday as falling crude oil prices dragged energy stocks down, while investors monitored developments in US-Iran negotiations. The index slipped 0.25% to 10,725.61, down 4.17 points, as of 08:23 GMT. Germany’s DAX fell 0.23%, while France’s CAC 40 declined 0.20%.
Brent crude futures dropped 3.2% to USD 109.86 per barrel, while US West Texas Intermediate (WTI) futures fell 3.5% to USD 100.45. Sterling strengthened 0.20% against the US dollar to USD 1.3415.
International Consolidated Airlines Group led the gainers, rising 1.96% to 410.50p. Weir Group advanced 1.49% to 2,594.00p, while Antofagasta climbed 1.12% to 3,161.00p. Anglo American gained 0.89% to 3,737.00p. Lloyds Banking Group and Polar Capital Technology Trust added 0.86% and 0.84%, respectively.
Among the losers, BP fell 1.98% to 615.00p, while AstraZeneca declined 1.88% to 13,698.00p. Airtel Africa dropped 1.70% to 254.60p, followed by Ithaca Energy, which lost 1.58% to 298.00p. Endeavour Mining slipped 1.42% to 3,683.00p, while GSK declined 1.24% to 1,832.00p.
Also Read: FTSE 100 Index Opens 27 Points Higher at 10,749 as Oil Prices Remain Elevated at USD 117.2
BP and Shell came under pressure as crude prices declined amid hopes of progress in diplomatic efforts between Washington and Tehran. Lower oil prices weighed on energy stocks, although geopolitical tensions continued to keep investors cautious about supply disruptions in the Middle East.
The UK Maritime Trade Operations agency also reported that two projectiles struck a tanker 72 nautical miles east of Khafji on Sunday. All crew members were accounted for.
Wall Street’s technology-led sell-off on Friday had unsettled global markets. The Dow Jones Industrial Average fell 1.1%, the S&P 500 declined 1.8%, and the Nasdaq Composite plunged 2.9%, amid concerns over artificial intelligence spending and technology valuations.
However, US futures pointed to a recovery on Monday. S&P 500 futures rose 0.5%, while Nasdaq-100 futures gained 0.9%. Dow futures added 186 points, or 0.4%.
Asian equities remained mixed. Japan’s Nikkei 225 fell 0.4%, while Australia’s S&P/ASX 200 declined 0.6%. China’s Shanghai Composite gained 1.1%, and Hong Kong’s Hang Seng advanced 0.6% as investors assessed global market sentiment and geopolitical developments.
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