FTSE 100 Rises After Oil Prices Increase

UK stock markets outperformed their European counterparts on Monday, buoyed by significant investment in BT Group. The FTSE 100 index rose by 42.15 points, or 0.52%, closing at 8,210.25. Key contributors to this upward trend included mining companies Antofagasta and Glencore, alongside energy firms Centrica and BP, which benefited from a rise in oil prices. Brent crude oil prices increased by over 1%, surpassing $80 per barrel, driven by renewed concerns over escalating tensions in the Middle East, particularly between Iran and Israel. Chris Beauchamp, chief market analyst at IG, noted that oil prices surged to their highest level in over a week due to rising expectations of potential Iranian military action against Israel. This development has reignited fears of supply disruptions, reversing a previous decline in oil prices. Meanwhile, BT shares soared more than 8% following the announcement that Bharti Global had agreed to acquire a 9.99% stake in the company from French media giant Altice, with plans for a further 14.51% stake pending regulatory approval. In contrast, other major European stock markets experienced a downturn, with Paris's Cac 40 closing 0.26% lower and Frankfurt's Dax edging up by just 0.02%. The US markets also showed a subdued start, with the S&P 500 and Dow Jones both down slightly. The British pound saw a modest increase against the US dollar but dipped slightly against the euro. In company news, shares of Marshalls fell by 2.1% after the building materials firm reported a 13% drop in sales for the first half of the year compared to the previous year. The day's biggest gainers on the FTSE 100 included BT, Entain, Centrica, BAE Systems, and Endeavour Mining, reflecting a positive sentiment in the UK market.