BRUSSELS (dpa-AFX) - After three successive days of gains, the UK stock market's benchmark index FTSE 100 drifted down on Thursday as concerns about growth and inflation resurfaced after U.S. President Donald Trump threatened more strikes on Iran in the event of Tehran rejecting a deal.
Trump did not give a timeline for ending the conflict and offered no plan to reopen the Strait of Hormuz but pledged further strikes on energy facilities in the coming weeks.
Brent crude futures climbed to nearly $109 a barrel, gaining about 7.7%, triggering inflation and rate hike concerns.
Mining stocks, which posted strong gains earlier this week, fell sharply. Bank stocks lost ground as well.
The FTSE 100, which fell to 10,274.36 earlier in the session, was down 23.32 points or 0.22% at 10,341.47 a few minutes before noon.
Fresnillo and Endeavour Mining lost 4.9% and 4.7%, respectively. Anglo American Plc fell 3.35% and Antofagasta drifted down by about 2.1%, while Rio Tinto shed 1.6%. Glencore eased by about 0.4%.
Among bank stocks, Lloyds Banking Group shed 1%, Natwest Group lost 1.3%, Barclays shed 1.7%, Standard Chartered fell 2.1% and HSBC Holdings lost 2.2%.
Among other losers, Barratt Redrow shed more than 4%. St. James's Place, Compass Group, IMI, Lion Finance, Rolls-Royce holdings, Smiths Group, Spirax Group, Antofagasta, Weir Group, Halma, Prudential, Experian, IAG and Metlen Energy & Metals declined by 1%-3%.
Among the gainers, BP and Shell climbed 4.5% and 3.25%, respectively, thanks to a sharp rise in oil prices.
Centrica, British American Tobacco, Coca-Cola Europacific Partners, Tesco, Marks & Spencer and National Grid gained 1%-1.8%.
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