The FTSE 100 slipped on Thursday but again outperformed its major European counterparts, supported by strength in heavyweight energy names as Brent crude extended its rally for a fifth consecutive session. Oil prices remained elevated after Iran-backed Houthi forces claimed attacks on two oil tankers in the Red Sea, deepening supply concerns.
Shares in Shell and BP climbed about 2% and 1.5%, respectively. RELX advanced nearly 2% after reporting first-half operating profit in line with expectations and reiterating its full-year guidance. BT was little changed, having maintained its annual outlook despite a modest decline in quarterly profit. Centrica also reaffirmed its guidance following stronger-than-expected first-half earnings.
EasyJet reported a 70% drop in profit for its fiscal third quarter, noting that its outlook remains heavily contingent on fuel costs and the remainder of summer demand. Broader market sentiment was additionally weighed down by weakness in AI-related stocks after Alphabet flagged capital expenditure plans that exceeded expectations.