The FTSE 100 climbed to a new six-month high for the year this morning as oil giants saw shares rise as oil prices rocketed.
The blue chip index rose 0.4 per cent in early trading to 7,490 points – its highest since 3 October.
Read more: Oil prices reach fresh 2019 high as US tightens sanctions on Iran
Shell – 1.8 per cent up – and BP – up 1.7 per cent – led the risers after US President Donald Trump called an end to exemptions on Iran oil sanctions, sending oil prices soaring.
A number of the worlds largest importers, including China, India, Japan, South Korea and Turkey had been exempt from US sanctions on Iran but the waivers will now be dropped by the end of May.
Brent crude has now risen to $74.4 per barrel from $71.1 last week as the six-month waivers come to an end.
Airline Easyjet was the sharpest faller on the FTSE 100, dropping 3.7 per cent following reports some flights could be affected by potential strike action from French pilots.
Shares in its rival Thomas Cook soared 17 per cent this morning on reports it has held preliminary takeover talks with a string of potential suitors.
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