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(Sharecast News) - London's FTSE 100 was down 1.1% at 10,547.38 in afternoon trade on Wednesday.
BP and Shell were among the top gainers on the index as oil prices surged as US President Donald Trump said the ceasefire with Iran was over after both countries exchanged strikes overnight.
Speaking to reporters at the Nato summit in Ankara, Turkey, Trump said: "I don't want to deal with them anymore." He added that Iranian leaders are "scum".
"They're scum, they're sick people. They're led by sick people. And they're vicious, violent people and if they had a nuclear weapon they'd use it.
"As far as I'm concerned, it's over." Trump said he would let US negotiators continue to talk with Tehran but insisted it was "a waste of time" dealing with the Iranians, accusing them of being liars.
Oil prices had already shot higher on news the US had launched "a series of powerful" strikes against Iran after three oil tankers were attacked in the Strait of Hormuz on Tuesday.
In a post on X, the US Central Command said: "Strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz. Iran's demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire."
Centcom later confirmed that more than 80 targets had been hit during the strikes.
Elsewhere, heavily-weighted miners were under the cosh, with Antofagasta, Rio Tinto and Anglo American all weaker
BA and Iberia owner IAG flew lower as rising oil prices prompted concerns about fuel costs.
FTSE 100 - Risers
BP (BP.) 486.35p 2.19%
Admiral Group (ADM) 3,676.00p 1.83%
Shell (SHEL) 3,056.00p 1.44%
AstraZeneca (AZN) 14,232.00p 0.89%
Centrica (CNA) 171.00p 0.83%
Pershing Square Holdings Ltd NPV (PSH) 3,798.00p 0.80%
Compass Group 11 (CPG) 32.61p 0.77%
Hiscox Limited (DI) (HSX) 1,884.00p 0.48%
Pearson (PSON) 1,273.00p 0.47%
Scottish Mortgage Inv Trust (SMT) 1,470.00p 0.34%
FTSE 100 - Fallers
Babcock International Group (BAB) 1,038.00p -3.85%
Antofagasta (ANTO) 3,638.00p -3.50%
Rio Tinto (RIO) 6,608.00p -3.18%
Kingfisher (KGF) 271.80p -2.86%
Anglo American (AAL) 3,511.00p -2.74%
Convatec Group (CTEC) 216.40p -2.70%
Games Workshop Group (GAW) 20,240.00p -2.60%
International Consolidated Airlines Group SA (CDI) (IAG) 464.70p -2.51%
Weir Group (WEIR) 2,358.00p -2.48%
Reckitt Benckiser Group (RKT) 5,058.00p -2.46%
