FTSE 100 edges up as mining gains and oil price rise offset weak UK earnings

London’s FTSE 100 closed modestly higher, up 0.1% at 10,443.47, while the FTSE 250 gained 0.5% and the AIM All‑Share rose 0.5%. The rise was driven by gains in mining stocks such as Glencore, Antofagasta and Rio Tinto, which offset disappointing earnings from several UK companies.

Oil prices climbed after the International Energy Agency warned that supplies could be “entering the red zone” amid the ongoing Middle East war and concerns over the Strait of Hormuz. Brent crude for July delivery traded around $108 per barrel. Iranian officials reiterated that enriched uranium must not be exported, and U.S. President Donald Trump said talks with Iran were nearing a possible deal.

In the UK, the private‑sector PMI fell to 48.5 in May, indicating contraction, and the Bank of England faced mixed data on inflation and growth as it weighs future rate moves. The pound slipped to $1.3401 and the euro eased against the dollar.

Across the Atlantic, U.S. equity indices fell, with the Dow, S&P 500 and Nasdaq each slipping, while Nvidia dropped 1.9% despite a strong earnings beat.