11:46 AM EDT, 10/07/2026 (MT Newswires) -- London shares retreated on Wednesday, with the FTSE 100 down 0.80% at closing, as rising geopolitical tensions drove Brent crude over $100 a barrel once again, accelerating UK 10-year gilt yields in the process. Oil rates climbed higher as Iran increased attacks on tankers in the Strait of Hormuz. Iran's Islamic Republic News Agency also reported that an explosion was heard off Qeshm island near Hormuz. In the economic corner, Britain's average house prices held steady month over month in September, after a revised 0.3% decline in August, according to data from Lloyds. Analysts expected zero growth for the month. On a yearly basis, average house prices in the UK were also stable, compared with the 0.4% fall in the previous month. The average property price stood at 298,441 pounds sterling in September. "For now, the housing market appears to be balancing buyer caution with continued underlying demand. While higher mortgage rates and wider economic uncertainty are encouraging some people to take a more measured approach, new enquiries from prospective buyers are now at their highest since February. That should help sustain activity in the near term, with any movement in house prices likely to remain modest," said Lloyds Mortgages Director Andrew Asaam. In corporate news, Shell (SHEL.L) fell 0.12% after the oil major projected integrated gas production of 740,000 barrels of oil equivalent per day to 780,000 boe/d for the third quarter, compared with the previous guidance of 570,000 boe/d to 630,000 boe/d. "Operationally, Shell produced another strong trading update. Higher production in the upstream with a 1 month contribution from the [ARC Resources] deal lifts production guidance above consensus, while trading results being in line with elevated 2Q26 levels should support cash flow generation. We expect upgrades to consensus earnings and underlying cash flow," RBC Capital Markets said. Meanwhile, Antofagasta (ANTO.L) dropped 3.53% as workers at its Centinela copper mine in Chile began a strike after pay negotiations broke down, Bloomberg News reported. The walkout by 720 members of the Minera Esperanza and Distrito Centinela unions started at 8 am local time and is expected to restrict operations.

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