13.07.202616:02:52UTC+00FTSE 100 Supported by Oil Companies

The FTSE 100 was broadly flat on Monday, as gains in energy and housebuilding stocks balanced wider market weakness. Oil majors underpinned the index after President Donald Trump said the US would reimpose a blockade on Iran and floated a 20% levy on cargo transiting the Strait of Hormuz, stoking fears of renewed geopolitical tension. Shell rose 2.3% and BP climbed 4.2%. Shell also announced the $1.8bn sale of its Indian renewables arm, Sprng Energy, to Aditya Birla, in line with its strategy to refocus on core oil and gas operations.

Housebuilders advanced after reports that Andy Burnham could revive a government-backed housing support programme, with Persimmon up 2.6% and Barratt Redrow gaining 1.5%. In contrast, mining stocks were among the session’s weakest performers, with Fresnillo and Endeavour each falling about 2.6%, while banks and pharmaceutical shares also faced selling pressure.