# UK’s FTSE 100 outperforms peers as oil majors jump on Middle East conflict Published: 2023-10-09 Category: Headlines Category URL: https://blockchaintribune.com/category/headlines/ Meta Title: FTSE 100 Outperforms Peers Amid Middle East Conflict Meta Description: FTSE 100 rises as oil majors rally on Middle East tensions, European and U.S. peers lag behind. Stay updated with Reuters' latest market insights. Tags: h2 Tag URLs: h2 (https://blockchaintribune.com/tag/h2/) URL: https://blockchaintribune.com/uks-ftse-100-outperforms-peers-as-oil-majors-jump-on-middle-east-conflict/ ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsvj8y0041wirgw17s2dn1/images/2023-10-09t073812z2lynxmpej9807lrtroptp4britain-finance-1737057452535-compressed.jpg) ## UK’s FTSE 100 outperforms peers as oil majors jump on Middle East conflict By Khushi Singh and Bansari Mayur Kamdar (Reuters) -The commodity-heavy FTSE 100 was subdued on Monday, but outpaced its peers in Europe and the U.S., as [oil](https://blockchaintribune.com/indonesias-palm-oil-export-ban-seen-short-lived-on-limited-storage/) majors rallied on a rise in crude prices amid fears a widening of the conflict between Israel and the Palestinian Islamist group Hamas could affect [Middle](https://blockchaintribune.com/oil-prices-edge-up-on-escalation-in-middle-east-tensions/) East oil supplies. The benchmark FTSE 100 index was flat, while the midcap FTSE 250 index fell 0.9%. Hamas on Saturday launched the largest military assault on Israel in decades, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on the Gaza Strip that also have killed hundreds of people. Europe’s STOXX 600 closed 0.3% lower, while the U.S. benchmark S&P 500 index shed 0.1% in early trading. UK’s energy sector added 2.6% as crude prices climbed nearly 4%, while aerospace and defence stocks added 1.9%. Long-term government bonds also gained as investors bolted for safety. “The [Middle](https://blockchaintribune.com/oil-prices-edge-up-on-escalation-in-middle-east-tensions/) East is adding a little bit more uncertainty, but it wasn’t like we were in a situation where everything was stable beforehand,” said Daniela Hathorn, senior market analyst at Capital.com. Limiting gains on the benchmark index, banks shed 1.5%. Travel and leisure stocks fell 3.0% on prospects that rising [crude](https://blockchaintribune.com/shell-to-shut-in-portions-of-louisiana-zydeco-oil-pipeline-for-maintenance/) prices will boost fuel costs and after several international carriers suspended flight services to Israel. British Airways owner IAG, easyJet and Wizz Air declined between 5.9% and 6.2%. In corporate news, Metro Bank announced a 325 million pound ($396.5 million) capital raise and a 600 million pound debt refinancing on Sunday, giving majority shareholder control to its biggest investor, Colombian billionaire Jaime Gilinski. Shares of the mid-sized lender jumped 10.9%. “Investors may breathe a sigh of relief, but the deal comes at a cost to shareholders due to the 150 million pound equity-raising, which is being priced at a discount to the current price,” said Zoe Gillespie, senior investment manager at wealth manager RBC Brewin Dolphin. Croda International slid 7.3% after the speciality chemicals group cut its annual profit forecast due to destocking and weak demand. The broader chemicals sector eased 4.4%, leading losses. (Reporting by Khushi Singh and Bansari Mayur Kamdar; Editing by Dhanya Ann Thoppil, Nivedita Bhattacharjee and Paul Simao) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---