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London's FTSE 100 set to snap six-day losing streak on BP boost
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London's FTSE 100 set to snap six-day losing streak on BP boost
Apr 28, 2026 3:59 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

April 28 (Reuters) - UK's FTSE 100 edged higher on

Tuesday, on track to end a six-day losing streak, after BP's

stronger-than-expected first-quarter profit lifted energy

stocks, eclipsing persistent geopolitical tensions.

The blue-chip FTSE 100 index rose 0.4% to 10,367.61

points by 1019 GMT, while the midcap FTSE 250 slipped

0.2%, down for a fourth day in a row.

* BP shares rose 3.1% after its first-quarter profit

more than doubled year-on-year. Rival Shell added 2.3%,

with both offering the biggest boost to the blue-chip index.

* Tullow Oil ( TUWLF ) surged 12% after the West

Africa-focused independent oil and gas producer forecast annual

oil production to come in at the higher end of its outlook range

after a strong start to the year.

* Further aiding energy stocks' advance was an extended

rally in crude prices as the stand-off in the U.S.-Iran war

persisted.

* "The expectation of higher-for-longer oil prices does

outline a bullish case for oil & gas producers," said Joshua

Mahony, chief market analyst at Scope Markets.

* "While some will complain at 'profiteering' from the war

in Iran, the fact is that companies in the sector will see

profits fluctuate as the price of their underlying commodity

changes," Mahony said.

* Attention later this week will turn to the Bank of

England's policy decision, where the central bank is expected to

keep rates on hold, with investors watching for any signs of it

moving towards raising rates later in the year.

* Britain's heavy reliance on natural gas has led investors

to see its economy as especially vulnerable to the war-fuelled

jump in energy prices. The FTSE 100 is down 5% from its

late-February record high.

* British Prime Minister Keir Starmer will host

representatives from the BoE at a meeting of the government's

emergency response committee focused on the impact of the war in

Iran on Tuesday.

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