The FTSE 100 edged down 0.1% on Wednesday, staying near multi-week peaks as an earlier 2% fall in global oil benchmarks weighed on index heavyweights Shell and BP. Reports that Iran and Oman had resumed bilateral talks to manage and potentially reopen the Strait of Hormuz eased immediate supply concerns, sending Brent crude futures toward $86 a barrel and prompting profit-taking in energy stocks. Brent later traded 0.8% higher and WTI gained 1%. Gains among homebuilders and industrial miners partly offset the energy drag, while lower raw-material costs supported consumer-facing sectors. Domestic equities also drew support from the UK government’s newly unveiled £10 billion social housing program, designed to boost low-cost construction nationwide. Industrial metals strengthened, with copper reaching a six-month high as London Metal Exchange (LME) inventories dwindled, aiding Rio Tinto PLC and Anglo American PLC. Gold eased slightly ahead of upcoming U.S. inflation data. Hochschild Mining surged 6.4% after the London-listed precious metals miner more than doubled its first-half adjusted EBITDA.