Key facts
- FTSE 100 reached an intraday record on Thursday.
- Oil prices surged over 5% due to US sanctions on Russian suppliers.
- Shell and BP shares rose approximately 3%.
London's FTSE 100 index achieved an intraday record on Thursday, propelled by a surge in oil stocks and positive earnings reports from major companies. The index climbed 0.7% to 9,579.07 points by midday GMT. Oil giants Shell and BP saw their shares rise by approximately 3% as crude prices jumped over 5%. This increase was attributed to U.S. sanctions imposed on prominent Russian suppliers Rosneft and Lukoil amid ongoing tensions in Ukraine. The geopolitical situation also boosted demand for safer assets, leading to a 4.5% rise in UK precious metal miner indices. The robust earnings season and anticipation of a Bank of England rate cut further contributed to market optimism. The FTSE 100 is experiencing its best weekly performance since April, and the FTSE midcap index is nearing a four-year peak.