FTSE 100 Rises as Oil Prices Fall on Middle East Peace Hopes

The FTSE 100 index closed up 21.68 points, or 0.2%, at 10,879.38 on Tuesday as oil prices fell amid renewed talk of a peace deal in the Middle East.

US Treasury Secretary Scott Bessent said a deal could be reached with Tehran by Wednesday on re-opening the Strait of Hormuz to shipping traffic, which would lead to lower energy prices.

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

BP's new CEO Meg O'Neill called the company's second-quarter results 'a strong quarter', despite areas where performance fell short, and BP is looking to offload its US biogas business Archaea for $3.3 billion.