Market Overview
Investors saw the FTSE 100 climb to a fresh intraday peak of 10,950.69 before trimming gains, ultimately closing the session up 0.3%. By contrast, Germany’s DAX slipped 0.1% and France’s CAC 40 fell 0.6%. The British pound weakened slightly, losing 0.1% to trade at $1.3280 against the U.S. dollar.
Commodity Prices
Oil prices surged, with Brent crude advancing 4.2% to $85.51 a barrel and U.S. West Texas Intermediate rising 4.7% to $82.99. Gold futures slipped 0.24% to $4,029.55 per ounce, while spot gold edged higher by 0.06% to $4,031.09.
Corporate Earnings Highlights
Rio Tinto reported first‑half profit that beat analyst estimates, announced an increased interim dividend and highlighted growing demand for metals driven by artificial‑intelligence applications. Glencore disclosed higher first‑half copper output and said its marketing earnings were near the top end of its annual guidance range. Reckitt Benckiser exceeded first‑half profit forecasts, launched a £500 million share buyback programme and raised its interim dividend. Standard Chartered outperformed second‑quarter earnings expectations, upgraded its income outlook and unveiled a $1 billion share buyback.
Geopolitical Developments
Jordan’s military intercepted a fresh salvo of five Iranian missiles, following a CENTCOM statement that it had thwarted an earlier attempted surprise attack in which Iran’s Revolutionary Guards launched ballistic missiles at U.S. forces, reportedly targeting a base in Jordan. Iranian state television reported a U.S. strike near Piranshahr in West Azerbaijan province, stating the target was an uninhabited area with no casualties. The Iran‑backed Popular Mobilisation Forces said at least 20 of its fighters were killed and 32 wounded in joint U.S.–Saudi strikes on Iranian proxy sites across eastern Iraq, including its Baghdad headquarters. Saudi Arabia’s foreign ministry described the strikes as lawful self‑defence. Iran’s Revolutionary Guards claimed to have struck and halted three oil tankers in the Strait of Hormuz, a day after Iran‑aligned Houthi forces fired missiles at a Saudi‑flagged tanker in the Red Sea. U.S. Central Command commander Admiral Brad Cooper warned U.S. troops against posting cellphone videos of strikes, citing the risk of aiding Iranian assessment of strike success. The overnight escalation followed a White House meeting between the U.S. president and Israeli Prime Minister Benjamin Netanyahu, which an Israeli official called “extremely positive” and reaffirmed both leaders’ commitment to preventing a nuclear‑armed Iran.