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The FTSE 100 declined on Monday, snapping a three-session winning streak, as weakness in heavyweight energy stocks dragged the index lower. BP fell more than 1%, while Shell also traded in negative territory, mirroring a pullback in crude prices. Brent crude dropped over 3% to below $110 a barrel after reports that US President Donald Trump wanted to allow more time for diplomacy with Iran before considering further military action following Tuesday’s US midterm elections. Iran said that an exchange of messages was under way, helping to ease fears of an immediate escalation.
Among financials and pharmaceuticals, HSBC Holdings slipped about 1%, while AstraZeneca and GSK each declined by more than 1%. In contrast, Rio Tinto advanced nearly 1%, standing out among the session’s gainers.
Investors were also positioning ahead of the Bank of England’s policy decision on Thursday, with markets widely expecting the first interest rate increase since 2023. The anticipated move reflects mounting inflationary pressures linked to the Iran war and evidence of continued resilience in the UK economy.
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