FTSE 100 Tumbles 0.57% as ECB Rate Hike and Oil Prices Take Toll

The FTSE 100 closed at 10,608.92 on Thursday, down 61.14 points or 0.57% on the day.

The index had opened firmer, touching an intraday high of 10,688.04 before reversing lower through the session.

The European Central Bank's policy announcement was a key driver for London-listed multinationals with substantial continental exposure, as markets priced in a near-certain 25 basis point interest rate increase to combat inflation pressure stemming from surging energy costs.

Brent crude futures climbed above $100 a barrel during the session, touching roughly $102.72 before easing to around $102.10, still up more than 0.8% on the previous close.