Key facts
- FTSE 100 closed down 141.6 points at 10,670.06.
- Brent crude futures rose above $100 a barrel.
- US stocks opened lower amid inflation and interest-rate concerns.
- Energy stocks outperformed due to higher oil prices.
- Gold rose to $4,426.90 an ounce as investors sought safe havens.
London's FTSE 100 index closed significantly lower on Wednesday, impacted by rising oil prices and broader market concerns. Brent crude futures surpassed $100 a barrel, fueling fears of persistent inflation and potential interest rate hikes. This led to a broad sell-off in equities, with the Dow, S&P 500, and Nasdaq all opening lower. Energy stocks, including BP and Shell, were notable exceptions, benefiting from the surge in oil prices. Investors sought refuge in safe-haven assets, driving gold prices up and the Japanese yen to a seven-month high against the dollar. UK gilt yields also climbed as markets reassessed the inflation outlook.