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UK's FTSE 100 dips as oil surges; investors eye BoE Governor's speech - Finance news and analysis from Global Banking & Finance Review
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UK's FTSE 100 dips as oil surges; investors eye BoE Governor's speech

Published by Global Banking & Finance Review

Posted on October 8, 2026

2 min read

· Last updated: October 8, 2026

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FTSE 100 Slides Amid Oil Price Surge and Anticipated BoE Governor Speech

Market Overview and Key Drivers

Oct 8 (Reuters) - UK stocks fell on Thursday as oil prices saw their biggest jump in nearly a month, while investors awaited remarks from Bank of England Governor Andrew Bailey and other central bank policymakers for clues on the interest-rate outlook.

The blue-chip FTSE 100 index fell 0.41% to 10,413.43 points by 0936 GMT, while the midcap FTSE 250 slipped 0.47% to 23,924.76. 

Oil Price Surge and Supply Concerns

• Brent crude futures rose above $104 per barrel and were last up 4%, their steepest gain in about a month.

• Concerns over crude supply persisted following increased attacks on shipping in the Gulf and the Strait of Hormuz [O/R]

Impact on Fuel Costs

• The cost of jet fuel is likely to remain high for the next 12 to 18 months, Ryanair Group CEO Michael O'Leary said

Stock Movers

Top Gainers

• Among individual stocks, asset management company Aberdeen rose 0.9% after selling 52 million shares in Standard Life for about £436 million ($575.5 million), halving its stake in the insurer as part of efforts to simplify the business

• Tesco shares rose 4.5% and were the top gainer on the FTSE 100, after the food retailer raised its profit forecast to £3.15 billion - £3.3 billion ($4.16 billion - $4.36 billion) for fiscal 2026/27, up from its previous outlook of £3.0 billion - £3.3 billion

Top Losers

• Among the top losers, HSBC Holdings slipped 2.1%. FT reported on Wednesday that the bank plans deep job cuts in its UK wealth business as part of a broader, AI-driven efficiency push

Central Bank Developments

Anticipated BoE Governor Speech

• Bank of England Governor Andrew Bailey will speak at the İstanbul Economic Forum, alongside several European Central Bank and US Federal Reserve policymakers

ECB Policy Outlook

• ECB's Primoz Dolenc said the central bank may have to keep raising interest rates given an abundance of upside inflation risks, but the timing and size of any move remain uncertain

Interest Rate Uncertainties

(Reporting by Darshan Kumar in Bengaluru; Editing by Vijay Kishore)

References

Frequently Asked Questions

Why did the FTSE 100 fall on Thursday?
The FTSE 100 fell due to a surge in oil prices and investor caution ahead of the Bank of England Governor's speech on the interest-rate outlook.
What caused oil prices to surge?
Oil prices surged amid concerns over crude supply following increased attacks on shipping in the Gulf and the Strait of Hormuz.
Which FTSE 100 company gained the most?
Tesco was the top gainer on the FTSE 100 after raising its profit forecast for fiscal 2026/27.
What did Aberdeen do with its Standard Life stake?
Aberdeen sold 52 million shares in Standard Life, halving its stake to simplify business operations.
What is expected from the Bank of England Governor's speech?
Investors are awaiting comments from Governor Andrew Bailey for more clarity on the future interest-rate direction.

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