FTSE Edges Up as UK Inflation Rises on Iran-Driven Energy Costs

The FTSE 100 index rose by 0.1% in early trading on Wednesday as investors weighed a higher-than-expected UK inflation reading against ongoing tensions in the Middle East.

The Consumer Price Index (CPI) jumped to 2.9% in July, up from 2.6% in June, largely due to increased energy and fuel costs following a 13% jump in Ofgem's price cap.

This has pushed up oil prices, with Brent crude reaching $91.63 (0.7% gain) and WTI at $84.73 (0.7% gain). Gold rose by 0.3% to $4,349, while silver dipped 0.3% to $63.11.

Rolls-Royce (+0.77%), Anglo American (+0.73%), and Rio Tinto (+0.73%) led the FTSE 100 risers. However, Smith & Nephew (-3.47%) fell after announcing CFO John Rogers' surprise resignation, effective September 30.