London's FTSE 100 pulls back from record close as Middle East tensions escalate
The benchmark FTSE 100 (.FTSE), opens new tab was down 0.5% as of 0905 GMT, less than 1% away from an intraday record high. It is set for a fifth consecutive week of gains.
Israel launched large-scale strikes against Iran on Friday, targeting nuclear facilities and ballistic missile factories, to prevent Tehran from building an atomic weapon. Iran retaliated by launching 100 drones.
The development adds to caution in the global financial markets, which have been grappling with the impact of U.S. President Donald Trump's erratic tariff policy moves.
The heightened tensions in the oil-rich Middle East sent prices of crude soaring, last up 7% and weighing heavily on travel and leisure stocks (.FTNMX405010), opens new tab.
British Airways owner ICAG (ICAG.L), opens new tab fell 4.3%, EasyJet dropped (EZJ.L), opens new tab 3.2%, while Wizz Air (WIZZ.L), opens new tab was down 1.7%. Global airlines cleared out of airspace in the Middle East, diverting flights.
London-listed shares of cruise operator Carnival (CCL.L), opens new tab were down 4%.
However, gains in commodity-linked stocks capped declines on the blue-chip index, with energy shares (.FTNMX601010), opens new tab up 1.7%, boosted by gains in giants Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab.
As investors flocked to safe havens amid the heightened tensions, gold prices rose to over 1%, helping precious metal miners (.FTNMX551030), opens new tab up 1.3%.
Mid-caps in London (.FTMC), opens new tab slid 1.2%, on track for their steepest single-day fall in more than two months.
Gas producer Energean (ENOG.L), opens new tab bottomed the FTSE 250 after it said it had temporarily suspended the production and activities of its power floating production storage and offloading (FPSO) located offshore Northern Israel.
Markets will be looking ahead to the Bank of England's monetary policy meeting next week, where it is expected to keep interest rates on hold.
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