09.09.202616:03:27UTC+00FTSE 100 Falls to 7-Week Low

The FTSE 100 fell more than 1% to a seven-week low on Wednesday as Brent crude climbed to $101 a barrel, its highest level since May, amid renewed conflict in the Middle East. The selloff followed reports that the US destroyed five Iranian crude tankers after an attempted strike on a US Navy warship, while Tehran launched missiles towards Jordan and issued warnings to vessels in the Persian Gulf. Energy stocks were among the few gainers, with Shell up 0.2% and BP advancing 0.7%. Aberdeen Group slipped after earlier rising more than 2% on news of Torbjörn Magnusson’s appointment as chairman, pending regulatory approval. In contrast, financials, consumer staples, industrials and materials faced broad-based selling. HSBC lost nearly 2%, while Unilever and BAT fell 1.6% and 1.3%, respectively. Rolls-Royce dropped 2.5%, Rio Tinto declined 1.5% and Glencore shed 1%. AstraZeneca was also weaker, down 1.8%.