The FTSE 100 experienced a slight uptick on Monday morning as oil prices surged following the overthrow of Syrian President Bashar al-Assad's regime over the week.
The 海角视频's premier stock index climbed 0.28 per cent to 8,331.88, while the mid-cap FTSE 250, more reflective of the domestic economy, remained mostly unchanged at 21,047.56, as reported by .
Brent crude's price increased by 1.04 per cent, nearing $72 a barrel, amid heightened tensions in the Middle East triggered by the weekend's events in Syria.
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This development comes after a decline in oil prices last week when OPEC+ postponed the commencement of oil output increases for three months until April due to weak demand. "Weak demand from China and the postponement of the plan by OPEC+ nations to postpone production increases is keeping a lid on prices to some extent," commented Susannah Streeter, head of money and markets at Hargreaves Lansdown, on Monday.
She added, "However, the speed at which rebel forces took over in Syria and the unpredictability of what will come next has raised fresh supply concerns in a region already wracked by conflict."
Following a swift advance by Syrian rebels, Assad fled the country, with the rebels announcing on state television on Sunday that they had taken control of Damascus and deposed the president after his 24-year rule. Russia has responded by granting political asylum to Assad, according to the Kremlin.
Shares in oil and gas majors BP and Shell saw an increase of 1.1 and 2 per cent, respectively, contributing to the rise of the FTSE 100.
"For now, the equity market response is quite muted, suggesting investors are waiting to judge the wider impact of this latest development," remarked AJ Bell investment analyst Dan Coatsworth. The FTSE 100 saw mining stocks among its greatest gainers as China's high-ranking officials pledged to adopt a "moderately loose" monetary stance and enhance fiscal spending into 2025.
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Shares in mining companies like Antofagasta, Rio Tinto, Glencore, Anglo American, and Fresnillo appreciated by 4.1, 3.7, 3.6, 3.1, and 2.4 percent respectively. Furthermore, this update buoyed other China-sensitive equities, with Prudential, Standard Chartered, and Burberry witnessing upward movements.
Additionally, Fidelity China Special Situations, an investment trust, led the FTSE 250 with a rise of 5.1 percent.