FTSE 100 Rises as Oil Prices Drop Amid Peace Deal Hopes

The FTSE 100 index rose by 21.68 points, or 0.2%, to close at 10,879.38 on Tuesday as oil prices fell due to renewed talk of a peace deal in the Middle East.

US Treasury Secretary Scott Bessent said there was a chance of a deal being reached with Tehran by Wednesday to reopen the Strait of Hormuz to shipping traffic, which would lead to energy prices settling back down.

Brent oil for October delivery traded lower at $80.60 per barrel on Tuesday afternoon, down from $83.92 late Monday.

BP reported better-than-expected second quarter results, with underlying replacement profit before interest and tax rising to $10.31 billion in the quarter ending June 30, up from $5.25 billion a year prior.