FTSE 100 Slumps on US-Iran Tensions and Rising Oil Prices

The FTSE 100 index fell by 38.59 points on Monday, closing at 10,862.50 after dropping 0.4% in value.

This decline was largely driven by rising oil prices and diminishing hopes of progress in US-Iran negotiations, with the Strait of Hormuz remaining closed unless Washington meets a series of demands from Iran's Revolutionary Guards.

Brent crude reached $86.35 per barrel, up from $83.40 on Friday, which supported oil companies such as BP and Shell, both of which saw their shares increase by 1.4% and 0.6%, respectively.

In contrast, tobacco stocks struggled, with Imperial Brands down 4.6% and British American Tobacco falling 4.4%, while housebuilders also weakened due to rising bond yields.