The primary indices in the UK experienced a decline on Wednesday, influenced by volatile oil prices amid ongoing apprehensions stemming from the Middle East conflict, coupled with underwhelming corporate earnings reports that exerted additional pressure. The blue-chip FTSE 100 was down 0.6% by 1103, while the mid-cap FTSE 250 fell 0.7%. Brent crude increased to trade above $90 per barrel as market participants expressed skepticism regarding the International Energy Agency’s reported strategy for a record release of reserves, which had previously led to a decline in oil prices earlier in the session, and whether it could effectively counterbalance the supply disruption stemming from the ongoing conflict.

The energy index gained 0.5%, with oil majors Shell and BP up around 0.5% each as crude prices rebounded.
The majority of FTSE 350 sub-sectors experienced a decline in trading. Investors evaluated a range of mixed corporate updates. Legal & General fell 5.5% after the insurer missed estimates for its full-year profit and reported a lower solvency ratio as CEO Antonio Simoes pursues an overhaul. Robert Walters opened new tab dipped 2.9% after the recruiter scrapped its final dividend for 2025 following a swing to an annual pretax loss due to a weak job market.

Balfour Beatty opened new tab rose 7.3% after the construction group forecast a high-single-digit percentage rise in 2026 profit from operations, with a record order book heavy with UK power projects, including nuclear power. Harbour Energy experienced a decline of 8.7% following the sale of approximately 60 million shares by its third-largest shareholder, EIG Asset Management, at a discount to the stock’s closing price on Tuesday.