London markets made gains on Wednesday morning after an unprecedented missile attack on Israel by Iran that sent oil prices higher and shook global stocks. The prospect of a regional conflict is looming large over the Middle East after Iran fired around 180 missiles at Israel on Tuesday, for which Israeli authorities promised there would be “consequences”. Brent crude surged as much as four percent to $74.91 a barrel after White House officials warned a strike was imminent.
BP, BAE Systems and Shell were among the FTSE 100’s biggest risers in early trading, up two percent, 1.5 percent and 1.2 percent respectively. “A subdued tone has hit trading as markets brace for further repercussions from the Middle East crisis,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “The FTSE 100 has headed higher in early trade, partly because of its defensive nature, helped by strength in energy stocks as oil prices continue their march upwards.
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