FTSE 100 Rallies on Oil Price Surge and Business Recovery Hopes

Britain's FTSE 100 rose for the fifth consecutive session, driven by higher oil prices boosting energy shares. SSP Group surged after positive signals about its European operations, while midcap companies like easyJet and Marston’s saw significant gains. Investors are cautious amid geopolitical tensions and economic data releases.

The FTSE 100 index in Britain saw its fifth consecutive gain, buoyed by the rise in oil prices that benefited energy stocks. Notably, SSP Group, the owner of Upper Crust, significantly rose following optimistic forecasts about its European business performance.

On the blue-chip front, the FTSE 100 increased by 0.56%, nearing the six-week peak achieved the prior session. Meanwhile, the midcap FTSE 250 rose 0.60%, its highest since late October. Shell and BP's shares climbed as crude prices increased slightly before the OPEC+ meeting scheduled this week.

Global markets also trended upwards, balancing a complex geopolitical climate marked by South Korean President Yoon Suk Yeol's declaration of martial law and anticipations surrounding U.S. economic data releases. Additionally, despite sluggish sales figures from British retailers, the focus remains on the Bank of England's expected stance on interest rates amid inflation concerns later this month.

(With inputs from agencies.)