Oil price nears $100 after attacks on Saudi energy facilities

Oil prices approached $100 a barrel after attacks halted operations at several energy facilities in southern Saudi Arabia. Saudi authorities said fires broke out in the region bordering Yemen, where the Houthis are based.

A technical problem at air traffic control provider NATS disrupted departures from UK airports. By 6:30pm, flight monitoring website Flightradar24 said about 625 flights to and from UK airports had been cancelled.

NATS said the system was “starting to recover” after a fix was introduced, but delays continued. Some airports warned that disruption could last for the rest of the day.

Copper reaches a new price record

The three-month copper contract on the London Metal Exchange reached $14,617 a tonne, exceeding the previous record set on Monday.

European gas prices also rose as countries sought to refill storage ahead of winter. The month-ahead UK gas price increased by more than 3% to 188p a therm, above the previous day’s high, while European gas reached its highest level since January 2023.

FTSE 100 falls as energy shares rise

The FTSE 100 index fell 0.2%, or 20 points, to 10,801. Banks were among the biggest fallers, while BP shares rose 0.9% and Shell gained 0.35%.

Bank of England governor Andrew Bailey appeared before the Treasury select committee. He said the central bank did not have a “secret plan” to raise interest rates.