London’s FTSE 100 fell 0.3% to 10,760 points on Wednesday, extending the previous session’s losses and reaching its lowest level in two weeks. Global bonds sold off for another day as oil prices rose amid escalating fighting in the Middle East. UK government bonds were among the worst performers, with 30-year yields reaching their highest level since 1998 and 10-year yields their highest since 2008. Higher borrowing costs and persistent inflation are expected to shrink the Chancellor’s fiscal headroom and complicate efforts to comply with the government’s self-imposed borrowing rules. Oil majors Shell and BP each gained about 0.3%, while BP appointed Ian Tyler as chair after Albert Manifold’s surprise departure earlier this year. Ryanair lowered its full-year 2027 traffic outlook and warned that European short-haul fares could rise materially if elevated oil prices continue.