London close: Stocks fall for third session as Brent tops $100

(Sharecast News) - UK stocks fell for the third straight session on Wednesday as oil prices jumped back above the $100-a-barrel mark due to heightened tensions in the Middle East after Iran struck three commercial vessels on the Strait of Hormuz.

By the close in London, Brent crude was 3.2% higher at $101.66 a barrel, having surged by more than $10 over the past week alone, renewing concerns about the impact of inflationary pressures on the economic outlook.

Data showing a tick-up in the UK consumer price index was also weighing on sentiment, with the annual rate of inflation rising to 3.3% in March from 3% the month before. The Iran war has caused global energy prices to surge, with refineries in the region either shuttered or damaged and the Strait of Hormuz too dangerous to pass, while also being subject to a blockade by the US Navy.

As such, the FTSE 100 finished 0.2% lower at 10,476.46 - its lowest finish since 7 April - with markets across Europe posting similar losses. US stocks, however, rose strongly after the opening bell.

Late on Tuesday, US president Donald Trump said the US would extend the ceasefire with Iran while continuing the blockade of Iranian ports. The two-week ceasefire had been due to expire on Wednesday.

However, the White House also confirmed that vice president JD Vance's trip to Islamabad for a second round of peace talks has been cancelled.

"The uncertain status of talks between the US and Iran kept investors on edge on Wednesday, with a clear divergence in the reaction of US and European markets," said AJ Bell's head of financial analysis Danni Hewson.

"While Wall Street focused on the relief angle as the ceasefire between Tehran and Washington was indefinitely extended, markets on the other side of the Atlantic demonstrated greater impatience with the current state of limbo."

Miners limit downside

Mining stocks were performing well as commodity prices rose across the board, with Glencore, Rio Tinto, Metlen Energy & Metals, Antofagasta, Anglo American and Fresnillo dominating the FTSE 100 risers list.

Bunzl also rose as it reiterated full-year guidance despite an uncertain geopolitical and macroeconomic environment after a rise in first-quarter revenues.

Reckitt Benckiser was under the cosh after a weak cold and flu season weighed on first-quarter trading, with like-for-like sales up just 1.3% over last year. Within that, revenues in Europe fell 4.2% and by 0.9% in North America.

JD Sports lost ground on the news that chair Andrew Higginson plans to step down at the conclusion of the annual general meeting in July after four years in the job.

On the FTSE 250, wealth management firm Quilter outperformed after reporting record quarterly core net inflows in the first three months of 2026, topping �3bn for the first time as momentum continued across the business.

Market Movers

FTSE 100 (UKX) 10,476.46 -0.21%

FTSE 250 (MCX) 22,972.01 0.00%

techMARK (TASX) 5,926.77 -0.26%

FTSE 100 - Risers

Glencore (GLEN) 563.00p 2.53%

Rio Tinto (RIO) 7,458.00p 2.30%

Metlen Energy & Metals (MTLN) 33.82p 2.18%

Bunzl (BNZL) 2,409.00p 2.12%

Antofagasta (ANTO) 3,782.50p 2.01%

Anglo American (AAL) 3,629.00p 1.92%

Fresnillo (FRES) 3,660.00p 1.92%

Airtel Africa (AAF) 361.00p 1.86%

St James's Place (STJ) 1,298.00p 1.72%

National Grid (NG.) 1,274.80p 1.67%

FTSE 100 - Fallers

Melrose Industries (MRO) 500.00p -6.09%

Reckitt Benckiser Group (RKT) 4,692.00p -4.60%

JD Sports Fashion (JD.) 73.42p -3.90%

Rolls-Royce Holdings (RR.) 1,138.60p -3.54%

International Consolidated Airlines Group SA (CDI) (IAG) 378.90p -3.37%

Smurfit Westrock (DI) (SWR) 2,994.00p -3.36%

Diageo (DGE) 1,489.20p -2.56%

3i Group (III) 2,773.00p -2.29%

Entain (ENT) 596.00p -2.23%

Games Workshop Group (GAW) 19,335.00p -2.03%

FTSE 250 - Risers

Ceres Power Holdings (CWR) 481.00p 11.14%

Quilter (QLT) 189.70p 5.16%

Ithaca Energy (ITH) 264.40p 4.09%

Harbour Energy (HBR) 286.40p 3.47%

W.A.G Payment Solutions (EWG) 118.60p 3.13%

Big Yellow Group (BYG) 925.00p 3.01%

Raspberry PI Holdings (RPI) 602.00p 2.03%

BlackRock Smaller Companies Trust (BRSC) 1,322.00p 2.01%

Vietnam Enterprise Investments (DI) (VEIL) 786.00p 1.81%

Jupiter Fund Management (JUP) 158.00p 1.80%

FTSE 250 - Fallers

Shawbrook Group (SHAW) 357.00p -4.80%

SSP Group (SSPG) 184.10p -4.56%

Pagegroup (PAGE) 133.80p -4.43%

Marshalls (MSLH) 141.00p -3.36%

Kainos Group (KNOS) 885.00p -3.12%

Oxford Nanopore Technologies (ONT) 120.80p -2.97%

easyJet (EZJ) 365.00p -2.77%

Harworth Group (HWG) 143.00p -2.72%

Trustpilot Group (TRST) 255.00p -2.37%

Watches of Switzerland Group (WOSG) 526.50p -2.23%