London stocks had pushed further into the black by midday on Monday, underpinned by a strong showing from heavyweights BP and Shell and solid gains in the mining sector, as investors continued to monitor the Russia-Ukraine conflict.
The FTSE 100 was up 0.8% at 7,461.71, while oil prices surged again following attacks on oil facilities in Saudi Arabia.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “Optimism is seeping away about progress in talks to achieve a ceasefire in Ukraine and that’s sent the price of oil on the march upwards again amid heightened worries about supply. As Ukraine refuses to surrender to Russian forces in Mariupol despite the devastating siege of city, the chances of a breakthrough in negotiations are fading, with a gulf in position separating the two countries…”
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