The FTSE 100 edged higher on Tuesday, snapping a six-day losing streak as energy stocks gained on stronger oil prices and robust earnings from major producers.
The blue-chip index closed up 0.1% at 10,332.79 points, while the FTSE 250 fell 0.8%, marking its fourth consecutive day of losses.
Shares in BP rose 1.1% after first-quarter profit more than doubled year-on-year, while Shell also gained 1.1%, providing the biggest boost to the index.
Tullow Oil surged 11.4% after forecasting production at the top end of its annual guidance, supported by a strong start to the year. Energy stocks were further lifted by rising crude prices amid ongoing geopolitical tensions linked to the U.S.-Iran conflict.
In contrast, Barclays slipped 0.2% after announcing a smaller-than-expected share buyback and taking a significant provision tied to the collapse of lender MFS.
Investor focus is now shifting to the upcoming decision from the Bank of England, which is widely expected to hold interest rates steady. However, markets are watching closely for signals of potential rate hikes later in the year.
Concerns about inflation driven by higher energy prices pushed UK government bond yields higher, with the 10-year gilt briefly touching 5% — its highest level since 2008.
The UK’s reliance on imported natural gas has heightened investor caution, with the FTSE 100 still down more than 5% from its late-February peak.
Political developments also remained in focus, as Prime Minister Keir Starmer faced scrutiny over a diplomatic appointment, adding another layer of uncertainty for markets.
