Oil Prices Plummet Amid Renewed Hopes for Middle East Peace Deal

The FTSE 100 index rose by 21.68 points, or 0.2%, to close 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 there's a chance for a deal with Tehran by Wednesday to re-open the Strait of Hormuz to shipping traffic, which would be good for the entire world, he added.

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

BP's new CEO Meg O'Neill described its second quarter results as 'strong', with underlying replacement profit before interest and tax soaring to $10.31 billion in the quarter ending June 30, ahead of company-compiled consensus estimates.