March 30 (Reuters) - London's FTSE 100 closed more than
1% higher on Monday, buoyed by mining and energy stocks as
commodity prices continued to rise on concerns about supply
shock due to the ongoing conflict in the Middle East.
The blue-chip FTSE 100 index closed up 1.6%, while
the midcap FTSE 250 fell 0.05%. Both indexes however,
were on track for firm monthly losses.
* The Middle East conflict showed no sign of easing as
President Donald Trump warned that Iran's energy plants and oil
wells would be obliterated if it did not open the Strait of
Hormuz, after Tehran described U.S. peace proposals as
"unrealistic" and fired waves of missiles at Israel.
* Rio Tinto rose 3.4% after the mining giant said
operations at three of its four Pilbara iron ore port terminals
have resumed after Tropical Cyclone Narelle swept through
Western Australia's Pilbara region. Industrial metal miners
rose 2.2%.
* Energy stocks climbed 2.3% to a record high
as crude oil prices remained elevated, with Brent crude headed
for a record monthly rise.
* Investors turned to defensive stocks, pushing up the
utilities sub-index 3.1% as they sought stability.
* The travel and leisure sub-index fell 0.1%,
on pace for double-digit monthly losses, as the Iran war raised
fuel-cost fears and disrupted key flight routes, threatening
profits.
* Britain's finance minister Rachel Reeves will urge G7
counterparts to avoid unilateral measures such as new trade
barriers during the Iran war, warning they could worsen energy
insecurity and disrupt global supply chains.
* British mortgage approvals rose by more than expected last
month and consumer credit grew at a faster pace than in January,
Bank of England data showed on Monday, ahead of a potential hit
from higher borrowing costs caused by the Iran war.
* A domestic fourth-quarter GDP rating and U.S. jobs report
for March will be released later this week.