UK's FTSE 100 Extends Losses on Rising Geopolitical Risk, Oil Prices
British stocks extended their losses Wednesday, with the FTSE 100 down 0.26% at close, as renewed US strikes on Iranian targets near the Strait of Hormuz heightened concerns over oil supplies and pushed crude prices to more than one-month highs.The strikes came in response to Iranian missile launches targeting a US base in Jordan and ships transiting the waterway. US President Donald Trump warned that Iran would face further attacks if it retaliated, while Tehran continued its "decisive operation" against US bases in the region.Meanwhile, US Treasury Secretary Scott Bessent highlighted British Virgin accounts linked to Iran, with a plan to target airline leasing companies to enforce planned economic sanctions. In two years, oil will be transported through land pipelines, giving countries a way around the Strait of Hormuz, Bessent said.Back home, UK Chancellor of the Exchequer John Healey is set to deliver his first major speech in his new role on Sept. 7, Politico reported, citing four people with knowledge of the date. The Treasury did not immediately respond to a request for comment from.In corporate news, Cairn Homes (CRN.L) shares rose 3.83% amid a yearly increase in attributable profit and revenue for the first half. The Irish homebuilder updated its full-year revenue outlook to 1.08 billion euros, the top end of its previously guided range, and launched a share buyback program of up to 50 million euros.Halma (HLMA.L) also gained 0.85% after agreeing to acquire US-based water quality monitoring and analysis technology company Pyxis for an initial consideration of $170 million. The British safety technology company will make additional milestone-based earnout payments of up to $30 million.Meanwhile, British energy giant BP (BP.L) edged up 0.04% after announcing that Interim Chair Ian Tyler will take on the role permanently. Tyler replaced Albert Manifold in May after the latter was removed over governance and conduct concerns.
