FTSE 100 Holds Near 10,731 as Oil Weighs on Energy Shares
Published on 11/02/2026 at 13:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFTSE 100 steadies as oil weighs
- The index was nearly unchanged at 10,731.34 points at 11:30 GMT on November 2.
- Energy and healthcare stocks limited gains as crude prices fell on hopes for progress in US-Iran diplomacy.
- Investors are also watching the Bank of England, which is widely expected to raise rates on Thursday.
The FTSE 100 was little changed during Monday's European session, as weakness in energy and healthcare stocks offset gains elsewhere in the market. The index stood at 10,731.34 points at 11:30 GMT on November 2, or 12:30 Berlin time, according to Reuters. That left the benchmark effectively unchanged from Friday's close at 10,729.78 points, reported in the previous FTSE 100 coverage.
Oil decline pressures heavyweight shares
Crude prices fell sharply as investors assessed diplomatic efforts involving the United States and Iran. Reuters reported that Brent was trading around 108 US dollars a barrel and that oil prices had dropped by more than 4 percent. The FTSE 100's energy sector fell 1.2 percent, with Ithaca Energy and BP among the weaker constituents. Healthcare stocks also declined, with the pharmaceutical sector down 0.6 percent after a strong gain on Friday.
The retreat in oil nevertheless supported selected cyclical areas. Reuters said aerospace and defence stocks gained 0.8 percent, while personal care, drug and grocery and beverage groups rose 0.7 percent and 0.8 percent respectively. The contrast underlined the index's exposure to large energy and healthcare companies, which can dominate its daily direction.
Bank of England decision in focus
Markets are also preparing for the Bank of England's policy meeting later this week. The central bank is widely expected to raise Bank Rate by 25 basis points to 4 percent on Thursday, according to Reuters and Hargreaves Lansdown. Reuters also said data released on Monday showed British manufacturers recorded their strongest output growth in more than two years in October.
The FTSE 100 is the benchmark for the 100 largest blue-chip companies listed on the London Stock Exchange, according to LSEG. With the London session still under way, the intraday level should not be treated as a closing value. Further direction may depend on oil-market developments and how investors adjust positions ahead of Thursday's rate decision. More FTSE 100 developments are available on the FTSE 100 topic page.
