FTSE 100 edges higher as BP and Shell gain on firmer crude

The FTSE 100 rose modestly on Tuesday, beating other European markets as strength in energy shares countered losses among precious-metals miners. BP climbed 3% and Shell added 2% as crude prices increased after hopes for a durable US-Iran agreement weakened. President Donald Trump said no talks with Iran were scheduled and that the US naval blockade remained in place, keeping attention on the conflict and the Strait of Hormuz, a key oil shipping route. Mining shares came under pressure as gold prices fell, with Fresnillo down about 3% and Endeavour Mining off 2.8%. In the UK economy, labour market figures pointed to some cooling in demand: unemployment was 4.9% in the three months to June versus expectations of 4.8%, payroll employment rose by 83,000 against a 129,000 forecast, and average weekly earnings increased 4.1% from a year earlier, broadly in line with expectations.

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