The UK’s main stock index rose slightly on Tuesday, aiming to break a six-day losing streak. This rise was fueled by BP’s stronger-than-anticipated first-quarter earnings, which lifted energy shares amid persistent geopolitical tensions. The index rose by 0.4% to 10,367.61 points by 1019, while the other index slipped by 0.2%, marking its fourth consecutive day of decline. BP saw its shares increase by 3.1% after reporting that its first-quarter profit more than doubled compared to the same period last year.

Rival Shell saw an increase of 2.3%, contributing significantly to the rise of the blue-chip index. Tullow Oil saw its shares rise by 12% after the independent oil and gas producer, focused on West Africa, predicted that its annual oil production would reach the higher end of its expected range following a strong start to the year. The increase in energy stocks was bolstered by a persistent rise in crude prices stemming from the ongoing conflict between the U.S. and Iran. Joshua Mahony indicated that the anticipation of prolonged elevated oil prices offers an optimistic perspective for oil and gas producers.

Mahony stated, “Some may grumble about ‘profiteering’ from the war in Iran, but the reality is that businesses in this sector will see fluctuations in profits as the price of their primary commodity changes.” This week, attention will turn to the policy decision from the Bank of England. The central bank is expected to keep interest rates steady, as investors seek clues regarding a potential rate hike later this year.

Britain’s significant reliance on natural gas has led investors to perceive its economy as especially vulnerable due to the rise in energy prices triggered by the war. The index has dropped 5% since its record high in late February. British Prime Minister Keir Starmer will meet with representatives from the Bank of England at a gathering of the government’s emergency response committee to discuss the impacts of the conflict in Iran on Tuesday.