London close: Stocks come off highs as oil prices rise on Iran conflict

11th Jun 2026 16:56

(Sharecast News) - London's blue chip index rose on Thursday for the second day, though gains were trimmed by the close of play as oil prices turned higher amid threats of further conflict between the US and Iran.

Concerns about inflationary pressures also limited upside for stocks after the European Central Bank became the first major central bank to hike interest rates since the outbreak of the latest energy crisis.

Economic data showing a sharp acceleration in US producer price growth in May will have also added to inflation concerns.

The FTSE 100 finished 0.5% higher at 10,303.88, easing after reaching a high of 10,370.15 (+1.1%) shortly after lunchtime.

Hitting sentiment were comments from President Donald Trump, who warned that the US would hit Iran "very hard tonight" and vowed to take Kharg Island "in the not too distant future", aiming to secure a major oil terminal of the Gulf nation.

Oil prices, which eased earlier in the session, pushed higher for the second straight day, with Brent rising 0.7% to $93.72 a barrel by the close of play in London.

"It's increasingly clear he is running out of patience with Iran but has no appetite to restart the war proper, so we're left with these kinds of threats and ultimatums," said Neil Wilson, investor strategist at Saxo UK. "Which is why the market response remains fairly orderly and Brent cannot lift above $100 on any headline."

Banks, Wizz Air rise

Asia-focused Standard Chartered, Prudential and HSBC were among the top performers on the FTSE 100 index following recent losses.

Intertek was in the black after saying the 'put up or shut up' deadline for EQT to make a takeover offer has been extended as the Swedish private equity firm needs more time for due diligence.

On the downside, safety equipment firm Halma tumbled despite posting a jump in full-year earnings despite an uncertain economic backdrop. Investors were likely reacting to the company's conservative full-year outlook, as it predicted low double-digit percentage organic growth - less than 2026's 16.6% gain.

On the FTSE 250, low-cost airline Wizz Air flew higher as it suspended guidance for 2027, citing a lack of visibility due to the Iran war, but posted better-than-expected annual earnings driven by higher capacity and cost control.

Cyber security and resilience specialist NCC Group fell sharply after ruling out a potential sale, as it posted an uplift in half-year earnings. The UK firm first launched a strategic review of the business last April, which led to the sale of all its non-core operations.

Market Movers

FTSE 100 (UKX) 10,303.88 0.48%

FTSE 250 (MCX) 22,970.64 0.08%

techMARK (TASX) 5,924.82 -0.49%

FTSE 100 - Risers

Standard Chartered (STAN) 1,852.00p 3.41%

Airtel Africa (AAF) 356.40p 2.65%

Prudential (PRU) 949.60p 2.53%

Anglo American (AAL) 3,804.00p 2.48%

HSBC Holdings (HSBA) 1,321.80p 2.20%

GSK (GSK) 1,962.50p 2.13%

Fresnillo (FRES) 2,872.00p 1.84%

Burberry Group (BRBY) 1,137.50p 1.84%

Glencore (GLEN) 574.20p 1.81%

3i Group (III) 2,225.00p 1.74%

FTSE 100 - Fallers

Halma (HLMA) 3,928.00p -15.38%

ICG (ICG) 1,716.00p -5.35%

The Sage Group (SGE) 805.60p -5.25%

Flutter Entertainment (DI) (FLTR) 8,342.00p -3.81%

Relx plc (REL) 2,462.00p -3.38%

Autotrader Group (AUTO) 454.10p -3.16%

Barratt Redrow (BTRW) 241.90p -3.08%

Rightmove (RMV) 421.50p -3.04%

Berkeley Group Holdings (The) (BKG) 3,316.00p -2.81%

Experian (EXPN) 2,497.00p -2.73%

FTSE 250 - Risers

XP Power Ltd. (DI) (XPP) 1,896.00p 6.52%

Wizz Air Holdings (WIZZ) 1,025.00p 6.00%

AEP Plantations (AEP) 1,610.00p 3.74%

easyJet (EZJ) 490.00p 3.33%

Harworth Group (HWG) 129.80p 2.85%

Dunelm Group (DNLM) 798.00p 2.70%

Genus (GNS) 2,170.00p 2.65%

Johnson Matthey (JMAT) 2,034.00p 2.57%

Spire Healthcare Group (SPI) 219.50p 2.57%

Foresight Environmental Infrastructure Limited (FGEN) 83.30p 2.46%

FTSE 250 - Fallers

NCC Group (NCC) 134.00p -5.10%

Raspberry PI Holdings (RPI) 794.00p -4.68%

Pennon Group (PNN) 476.00p -4.57%

Safestore Holdings (SAFE) 606.00p -4.11%

Oxford Instruments (OXIG) 2,748.00p -3.85%

Softcat (SCT) 1,806.00p -3.68%

Oxford Nanopore Technologies (ONT) 120.00p -3.30%

Vistry Group (VTY) 234.40p -3.14%

Foresight Group Holdings Limited NPV (FSG) 423.00p -2.98%

Bytes Technology Group (BYIT) 360.00p -2.96%