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Posted March 2, 2026 at 12:13 pm
London stocks slipped as airlines and banks fell, while BP and Shell rose on higher Brent prices ahead of fresh UK economic updates.
The FTSE 100 fell 1.2% as investors ducked risk amid rising Middle East tensions, hitting airlines and banks while oil majors rose on higher Brent crude.
Geopolitical shocks usually hit energy prices first, and this time was no different: BP rose 2.1% and Shell gained 1.9% as Brent jumped. Berenberg flagged BP and Italy’s Eni as most sensitive to oil moves, with Shell and Equinor close behind, so the sector can sprint ahead when crude pops. The real swing factor is how long any disruption lasts: a severe escalation, like major infrastructure damage or a closure of the Strait of Hormuz, could drive oil above $100 a barrel and force analysts to upgrade producer earnings. Elsewhere the market looked defensive: Bunzl climbed even after pointing to lower 2025 profit, helped by steady revenue growth and “safe haven” expectations. Meanwhile Hikma slid after a price-target cut highlighted recurring guidance issues and continued problems in its Injectables unit.
For markets: When oil surges the index can diverge.
The FTSE 100’s big energy weighting can soften the blow from risk-off days, even as pricier fuel squeezes airlines and cools sentiment for lenders and consumer stocks. If Brent stays elevated, the names that move most with crude can lead quickly – and if oil spikes toward $100, forecast upgrades could widen the gap between producers and the rest of the index.
The bigger picture: Steady data meets a busy week for signals.
UK numbers still look more stable than strong: house prices were up 1% year over year in February, while mortgage approvals and broad money (M4) slipped in January. Manufacturing is holding in expansion, with February’s final PMI at 51.7. Next up are the spring statement and the final composite PMI – two checkpoints that could shift expectations for UK demand and the Bank of England’s rate path.
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Originally Posted March 2, 2026 – Middle East Tensions Drag FTSE 100 As Oil Stocks Rally
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