London’s benchmark index was subdued on Wednesday as investors monitored the fragile truce in the Middle East and assessed Britain’s March inflation data. The blue-chip FTSE 100 index edged down 0.03% to 10,495.22 points by 1048, while the midcap FTSE 250 edged up 0.2%. Lingering doubts regarding peace in the Middle East continued to affect sentiment, even as U.S. President Donald Trump extended the ceasefire with Iran, with uncertainty remaining about which party, Iran or Israel, would adhere to the agreement.

Oil prices experienced a significant increase on Wednesday, as Brent crude surpassed $100 per barrel, prompted by reports indicating that at least three container ships were struck by gunfire in the Strait of Hormuz. The rise in crude prices weighed on airline stocks, with British Airways owner IAG down 2.1%, EasyJet dipping 1.6%, and Wizz Air losing 1.3%, respectively. Oil majors BP and Shell rose 1.9% and 0.8%, respectively.

• Miners Fresnillo, Rio Tinto, Glencore, and Anglo American gained more than 1%, reflecting an increase in the prices of precious and base metals.
• Official data indicated that British consumer price inflation increased to 3.3% in March, up from 3% in February, highlighting the influence of the Iran war on price levels. The CPI figures confirm that the supply chain and energy pressures are beginning to bite, and the Bank of England’s room for manoeuvre is narrowing fast,” stated Nick Saunders.
• Reckitt, known for its production of Dettol soap and Durex condoms, has reported a miss on quarterly like-for-like revenue estimates, resulting in a 6.2% decline in its share price.
• Business supplies distributor Bunzl opened new tab gained 3% after posting a rise in first-quarter revenue.
• Stocks of wealth-managing firms experienced gains following Quilter’s report of record first-quarter inflows.
• Quilter increased by 4.9%, Liontrust Asset Management saw a rise of 0.7%, and Aberdeen advanced by 0.4%.