15.06.202607:44:09UTC+00FTSE 100 Rises to 8-Week High

The FTSE 100 rose 0.7% on Monday to its highest level since April 20, after the US and Iran agreed an interim deal aimed at reopening the Strait of Hormuz and ending the conflict. The agreement is expected to allow 60 days of negotiations over Iran’s nuclear programme, a key sticking point in achieving a broader settlement. Most sectors traded higher, with mining stocks leading the advance as gold and copper prices climbed. Antofagasta, Fresnillo and Endeavour gained between 5.7% and 6.6%, while Anglo American rose more than 3%. Bunzl shares added 3% after activist investor Elliott disclosed a stake of nearly 5% in the UK distribution group. By contrast, energy stocks came under pressure as expectations of improved oil supply weighed on crude prices, with Shell and BP each dropping more than 4%.