08.07.202616:05:23UTC+00FTSE 100 Tumbles by Over 1.5%

The FTSE 100 dropped more than 1.5% on Wednesday after US President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran had ended, stoking renewed hostilities in the Middle East and driving oil prices sharply higher. Mining stocks were among the hardest hit, with precious metals producers Endeavour down 7.3% and Fresnillo off 5.8%. Elsewhere in the sector, Antofagasta slid 6.4%, Anglo American lost 5.6%, and Rio Tinto declined 5%.

In the wider market, FTSE 250 housebuilder Vistry slumped 7% after an operational update, an ongoing review of its chief executive, and news of the planned departure of its chief financial officer, even as the company said full-year adjusted pre-tax profits should be in line with current market expectations. By contrast, oil majors BP and Shell gained 2.3% and 3.1%, respectively, as they benefited from the jump in crude prices.