London Stocks Drop as Crude Prices Weigh Down Energy Majors

London's energy-heavy stocks fell by 0.8% on Thursday as crude oil prices weighed down on major players.

The decline snapped a six-session winning streak for the blue-chip index, which had reached multi-week highs earlier in the week.

Oil prices were initially lower due to diplomatic talks between Qatari and Iranian officials, fueling expectations of an agreement to reopen commercial transit through the Strait of Hormuz.

However, global benchmark Brent crude is now up 0.6% at $87.48 a barrel after stabilizing following the initial decline.