The FTSE 100 experienced an upward movement on Tuesday, recovering to approach a four-month peak as advancements in the energy sector offset widespread downturns in mining stocks. Crude oil prices experienced an uptick in response to recent assaults on shipping vessels in the Strait of Hormuz, highlighting ongoing security vulnerabilities in this critical chokepoint and bolstering the performance of major players such as Shell and BP.

Shell shares surged over 2% following the energy giant’s announcement that second quarter petrol trading profits would be significantly higher than the previous quarter, while BP advanced 1.4%. In contrast, mining stocks experienced a significant decline, with Fresnillo, Anglo American, Antofagasta, and Rio Tinto all decreasing by over 2%, while miner Endeavour saw a reduction of 1.3%.

On the economic front, domestic data encouraged home buyers as the Lloyds house price index, formerly branded under Halifax, reported a 0.2% monthly price increase for June, marking the first gain in four months due to easing mortgage rates.