The FTSE 100 experienced a significant surge on Wednesday morning, jumping over a hundred points following the assassinations of two leaders from Hamas and Hezbollah. This caused a spike in the index's energy and commodities sectors.
BP and Shell shares both saw an increase of between two and three per cent during early trading hours, contributing to the overall 1.5 per cent rise of the index within the first three hours of the market opening.
This market boost was triggered by the deaths of two senior figures from Hamas and Hezbollah.
Ismail Haniyeh, the political leader of Hamas, was killed in a raid at his residence in Tehran, Iran's capital, in the early hours of Wednesday morning.
Just hours before, another air strike resulted in the death of a commander from Hezbollah, a Lebanese militant group, at his residence in Beirut, as reported by .
Israel has taken responsibility for the death of Hezbollah commander Fuad Shukhr, but has not yet commented on Haniyeh's death.
News of Haniyeh's death also led to a rise in oil prices due to escalating fears of increased tension in the region following days of unrest between Lebanon and Israel.
Brent crude, the international benchmark, rose 2.5 per cent to over $80 a barrel as a result of the news, while WTI crude saw a 2.8 per cent increase, as of 10:30 am º£½ÇÊÓƵ time.
The FTSE rally could potentially elevate the index to a monthly high, following a disappointing performance from spirits manufacturer Diageo that impacted London's market.
Russ Mould, investment director at AJ Bell, commented on the situation: "The common thread with these stocks and the º£½ÇÊÓƵ market in general is that there is a lot of value on offer. Valuations aren't expensive, particularly relative to the US market and the tech titans in the Nasdaq."
Despite another challenging trading day for the S&P 500, which saw a 0.5 per cent drop on Tuesday due to further sell-offs in major tech stocks, London experienced a morning surge.
Mould further noted: "When we get a big sell-off in tech names, investors often rotate to more value-orientated stocks and the º£½ÇÊÓƵ market is full of them."
