FTSE 100 movers: Oil giants gush higher; Barratt Redrow retreats ahead of update

(Sharecast News) - London's FTSE 100 was up 0.3% at 10,532.38 in afternoon trade on Tuesday. Oil giants BP and Shell gushed higher as oil prices shot up after Donald Trump said the US had reinstated the naval blockade on the Strait of Hormuz and announced a 20% toll on commercial shipping.

BP was also in focus as it confirmed that higher commodity prices were set to boost second-quarter earnings, despite a fall in upstream production.

Chris Beauchamp, chief market analyst at IG, said: "It has been a similar story for BP as it was for Shell last week - a major boost from the surge in oil prices in Q1, but perhaps BP's has had better timing given that oil prices are on their way up once again. For BP of course the picture is complicated by recent management turmoil, though both it and Shell have posted similar price performances this year.

"Investors will wonder how long this second surge in oil will last, given how little respite economies around the globe have had to restock their depleted inventories."

Miners Rio Tinto, Fresnillo, Antofagasta and Anglo American were also on the front foot, while housebuilder Barratt Redrow fell ahead of a trading update on Wednesday.

FTSE 100 - Risers

Glencore (GLEN) 532.20p 3.24% BP (BP.) 515.90p 2.80% Centrica (CNA) 176.40p 2.68% Rio Tinto (RIO) 6,900.00p 2.39% Fresnillo (FRES) 2,614.00p 2.23% Airtel Africa (AAF) 344.80p 2.07% Antofagasta (ANTO) 3,841.00p 1.96% Vodafone Group (VOD) 117.80p 1.81% Shell (SHEL) 3,156.50p 1.79% Anglo American (AAL) 3,643.00p 1.76%

FTSE 100 - Fallers

Flutter Entertainment (DI) (FLTR) 8,220.00p -5.50% InterContinental Hotels Group (IHG) 157.35p -3.73% Relx plc (REL) 2,392.00p -3.47% Pearson (PSON) 1,273.50p -3.34% The Sage Group (SGE) 831.60p -2.44% Smith & Nephew (SN.) 1,128.00p -2.30% 3i Group (III) 2,634.00p -2.23% Informa (INF) 872.80p -2.20% Barratt Redrow (BTRW) 278.80p -2.18% Melrose Industries (MRO) 460.00p -2.17%