Key Points
FTSE 100 held near multi-week highs at 10,880 despite Shell and BP falling over 1.5%.
Brent crude dropped roughly 2% to $86 a barrel on Strait of Hormuz hopes.
Copper hit a record $6.72 per pound, lifting Antofagasta, Fresnillo, and Rio Tinto.
Entain and Persimmon are set to exit the FTSE 100 in the latest reshuffle.
The FTSE 100 held broadly flat near 10,880 on Wednesday, August 26, 2026. Shell and BP both fell more than 1.5% as crude oil prices dropped sharply. The index stayed close to multi-week highs, building on Tuesday’s 0.3% gain.
Oil Majors Drag While Miners Support the Index
Brent crude fell around 2% to roughly $86 a barrel, extending its third straight session of losses. The decline followed reports that Iran and Oman resumed talks on reopening the Strait of Hormuz to shipping. BP dropped as much as 2.78%, while Shell fell 1.62% during Wednesday’s session.
- BP: fell more than 1.5%, among the FTSE 100’s biggest single-session decliners
- Shell: dropped over 1.5%, tracking Brent crude’s third consecutive daily loss
- Brent crude: down roughly 2% to around $86 a barrel
Falling oil prices eased input costs for consumer-facing businesses, offsetting some of the drag from energy majors.
Mining Stocks Offset Energy Weakness
Copper reached a fresh record of $6.72 per pound on Wednesday, lifting major mining names. Antofagasta gained around 2%, while Fresnillo and Rio Tinto also posted solid advances. Anglo American rose more than 1%, adding further support to the blue-chip index.
Hochschild Mining led FTSE 250 gains, climbing as much as 8.71% following its interim results. The stock traded as high as 677 pence, up from a previous close of 625.5 pence. Mid-caps broadly outperformed blue chips, with the FTSE 250 adding 0.25% to near 24,919.
Melrose and Vistry Remain in Focus
Melrose Industries stayed in the spotlight after surging over 10% on Tuesday. The move followed its £100 million claims programme tied to the GKN Aerospace incident in California. Melrose confirmed the related criminal probe has been terminated, with operations expected to resume next month.
Vistry Holds Recent Gains
Vistry shares remained elevated after securing a £350 million government affordable-housing grant on Tuesday. The funding announcement drove one of the FTSE 250’s sharpest single-day moves this week. Investors continue watching housebuilders following the government’s broader £10 billion social housing programme.
Index Reshuffle and Regulatory Headlines
FTSE Russell confirmed Entain and Persimmon are set to leave the FTSE 100 in its latest index reshuffle. Both companies will drop to the FTSE 250 as part of routine index rebalancing. Separately, UK energy regulator Ofgem announced a 4% rise in the energy price cap from October, citing higher wholesale gas costs linked to Middle East tensions.
What Investors Are Watching Next
Markets remain focused on Nvidia’s upcoming quarterly earnings for broader risk-sentiment cues. Developments around the Strait of Hormuz and US-Iran diplomacy continue to influence oil-linked FTSE 100 stocks directly. Global bond yields also remain a key variable heading into the final week of August.
What It Means
The FTSE 100’s resilience despite Shell and BP’s decline shows broader index strength beyond energy stocks. Mining gains and housebuilder momentum are helping offset commodity-driven weakness this week. Nvidia’s earnings and Middle East developments will likely set the next directional move.
Disclaimer:
The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.
What brings you to Meyka?
Pick what interests you most and we will get you started.
I'm here to read news
Find more articles like this one
I'm here to research stocks
Ask Meyka Analyst about any stock
I'm here to track my Portfolio
Get daily updates and alerts (coming March 2026)