Britain’s FTSE 100 experienced a decline on Thursday, ending a seven-day winning streak, as renewed hostilities between the U.S. and Iran cast a shadow over the prospects for reopening the Strait of Hormuz. The blue-chip FTSE 100 index fell 0.8% to 10,418.33 points by 1013, while the midcap FTSE 250 dipped 0.4% as it eased from a near three-month high.

• BT experienced a decline of approximately 4.7%, positioning it as the primary loser on the FTSE 100, following a report indicating that the British government is set to oppose any efforts by Indian billionaire Sunil Bharti Mittal to augment his stake in the telecoms group.
• Energy and defence stocks were the only bright spots after Iran and the U.S. traded air strikes, highlighting the fragility of negotiations aimed at turning the tenuous ceasefire that took effect in early April.
• Expectations surrounding a potential reopening of the Strait, an essential conduit for global energy, combined with diminishing speculation regarding domestic interest rate increases, have supported the recent upswing in UK equities.
• In company news, PPHE Hotel Group opens new tab soared 23% after the hospitality real estate firm said it has received a £920.9 million ($1.24 billion) takeover proposal from Israel’s Fattal Hotel Group.
• IQE opened new tab dropped 3.3% after the chipmaker reported a decline in full-year adjusted core profit.
• Ousted BP opens new tabChair Albert Manifold acknowledged that he may have “pushed ​hard” for change, yet he reiterated his denial of any misconduct, just days following his dismissal from the role. BP shares exhibited minimal movement.