FTSE 100 falls more than 1% to seven-week low as Brent hits $101

  • FTSE 100 fell more than 1% to a seven-week low on renewed Middle East fighting.
  • Brent crude surged to $101 a barrel, its highest level since May.
  • United States destroyed five Iranian crude-carrying tankers after an attempted strike on a U.S. Navy warship.

The FTSE 100 fell more than 1% to a seven-week low on Wednesday as Brent crude surged to $101 a barrel, its highest level since May, amid renewed fighting in the Middle East. The United States destroyed five Iranian crude-carrying tankers after an attempted strike on a U.S. Navy warship, while Tehran fired missiles toward Jordan and warned vessels in the Persian Gulf. Energy shares were among the few gainers, with Shell rising 0.2% and BP up 0.7%. Aberdeen Group gave back ground after earlier gaining more than 2% following the appointment of Torbjörn Magnusson as chairman, subject to regulatory approval. Selling pressure hit financials, consumer staples, industrials and materials, including HSBC, Unilever, BAT, Rolls-Royce, Rio Tinto, Glencore and AstraZeneca.

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