UK stocks slip as uncertainty over US-Iran ceasefire lifts oil prices

UK stocks slipped as renewed uncertainty over a U.S.-Iran ceasefire knocked sentiment and lifted oil prices. The blue-chip FTSE 100 fell 0.6% to 10,603.24 and the midcap FTSE 250 slipped 1.2% as crude jumped more than 5% after the U.S. seized an Iranian cargo ship and Strait of Hormuz traffic was largely halted. Financials underperformed (Barclays -2.3%, HSBC -1.2%), airlines and aerospace names were hit (IAG -2.8%, Rolls-Royce -2.6%), while oil majors rallied (BP +2.8%, Shell +2.3%). Precious metal miners fell amid weaker gold and silver. Select stock-specific moves included Mulberry +7.5% and Renishaw +6.9% after positive company updates.