FTSE 100 Falls on Thursday

The FTSE 100 fell on Thursday, as a sharp rise in oil prices and renewed selling in global bonds heightened concerns over inflation and interest rates. UK 10-year gilt yields were at around 5.35%, close to the 19-year highs reached earlier this month. Brent crude jumped toward $108 a barrel after an adviser to Iran’s Supreme Leader said the conflict with the US could expand to the Indian Ocean in a subsequent phase. Energy stocks were the strongest performers, with Shell rising 1.7% and BP gaining 2.6% as higher oil prices supported the sector. Banks moved lower, with HSBC down 0.8% and Barclays and Lloyds Banking Group each losing around 0.5%. Defence stocks also weakened, with Rolls-Royce falling 1.4% and BAE Systems declining 1.6%. Miners were under pressure, with Rio Tinto down 1.7% and Glencore 0.6% lower.