UK's FTSE 100 climbs on boost from oil stocks, miners amid Middle East conflict
March 30 (Reuters) - London's FTSE 100 closed more than 1% higher on Monday, buoyed by mining and energy stocks as commodity prices continued to rise on concerns about supply shock due to the ongoing conflict in the Middle East.
The blue-chip FTSE 100 index .FTSE closed up 1.6%, while the midcap FTSE 250 .FTMC fell 0.05%. Both indexes however, were on track for firm monthly losses.
The Middle East conflict showed no sign of easing as President Donald Trump warned that Iran's energy plants and oil wells would be obliterated if it did not open the Strait of Hormuz, after Tehran described U.S. peace proposals as "unrealistic" and fired waves of missiles at Israel.
Rio Tinto RIO.L rose 3.4% after the mining giant said operations at three of its four Pilbara iron ore port terminals have resumed after Tropical Cyclone Narelle swept through Western Australia's Pilbara region. Industrial metal miners .FTNMX551020 rose 2.2%.
Energy stocks .FTNMX601010 climbed 2.3% to a record high as crude oil prices remained elevated, with Brent crude headed for a record monthly rise. O/R
Investors turned to defensive stocks, pushing up the utilities sub-index .FTUB6510 3.1% as they sought stability.
The travel and leisure sub-index .FTNMX405010 fell 0.1%, on pace for double-digit monthly losses, as the Iran war raised fuel-cost fears and disrupted key flight routes, threatening profits.
Britain's finance minister Rachel Reeves will urge G7 counterparts to avoid unilateral measures such as new trade barriers during the Iran war, warning they could worsen energy insecurity and disrupt global supply chains.
British mortgage approvals rose by more than expected last month and consumer credit grew at a faster pace than in January, Bank of England data showed on Monday, ahead of a potential hit from higher borrowing costs caused by the Iran war.
A domestic fourth-quarter GDP rating and U.S. jobs report for March will be released later this week.
