The UK stock market showed signs of resilience on Wednesday even as global energy markets remained volatile amid fears the escalating conflict involving Iran could trigger prolonged disruption to global oil and gas supplies.
London’s benchmark FTSE 100 index edged higher, mirroring modest gains in European markets including Germany and France. The calmer performance in Europe contrasted sharply with developments in Asia, where shares continued to fall for a third consecutive day as investors reacted nervously to rising geopolitical risks and surging energy prices.
Despite the relative stability in UK equities, energy markets told a very different story. Oil prices rose by more than one per cent during trading, with Brent crude climbing to around $83.50 per barrel, reflecting growing concerns about the security of global energy supply routes following renewed tensions in the Middle East.
The latest spike in oil prices came after Saudi Arabia’s defence ministry reported an attempted drone strike on the Ras Tanura oil refinery, one of the kingdom’s most critical energy facilities. The attack marked the second time in a week that the refinery had been targeted, further heightening concerns about supply stability in a region that remains central to global energy markets.
Brent crude prices have now climbed roughly 15 per cent since the United States and Israel launched military strikes on Iran, with Tehran retaliating by attacking neighbouring countries and threatening shipping in the Gulf region.
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