FTSE Climbs Higher as Oil Gains Over Tensions Building Up in the Middle East
Arslan Butt • 1 min read
Crude oil’s bullishness has helped lift FTSE higher as Monday’s trading session begins. FTSE has gained over its European counterparts as rising tensions in the Middle East push crude oil prices higher, pulling up oil companies’ stocks on the British stock market index.
At the time of writing, FTSE is trading at a little above 7534, driven by gains in Shell and BP following the seizure of a British oil tanker by Iranian Revolutionary Guards in the Strait of Hormuz. In addition, like other global stock markets, FTSE has also turned bullish over increased expectations of rate cuts by central banks across the world.
An increasing likelihood of pro-Brexit, Eurosceptic Boris Johnson has been keeping the Pound under pressure of late, causing investors to move towards riskier assets like stock markets. This has further fueled FTSE’s bullish run lately.