02.09.202615:54:31UTC+00FTSE 100 Extends Losses as Oil Prices Rise

London’s FTSE 100 extended the previous session’s losses on Wednesday, slipping 0.3% to 10,760 and marking its lowest close in two weeks. The decline came despite a partial easing in gilt losses after Prime Minister Andy Burnham moved to reassure investors that the government remains committed to fiscal discipline. Bond yields, however, stayed elevated as oil prices continued to climb against the backdrop of escalating conflict in the Middle East.

On the downside, Experian, Reckitt Benckiser and London Stock Exchange Group were among the biggest drags, shedding between 2.4% and 2.9%. By contrast, mining stocks including Endeavour, Fresnillo, Antofagasta and Anglo American advanced sharply on the back of higher metal prices, while InterContinental Hotels Group and Standard Chartered each rose by almost 2%.

In corporate news, BP named Ian Tyler as its new chair following the unexpected departure of Albert Manifold earlier this year. Separately, Ryanair cut its full-year 2027 traffic forecast and cautioned that European short-haul airfares could rise “materially” if elevated oil prices persist.