Iranian President's UN Speech Drives Oil Prices Higher

The FTSE 100 ended nearly flat on Wednesday as strong US economic data was offset by rising geopolitical tensions in the Middle East. While S&P Global reported that US business activity reached a 62-month high in September, market gains were limited following a defiant address to the United Nations by Masoud Pezeshkian.

The Iranian president asserted that Iran would not allow the Strait of Hormuz to be used for aggression and declared that Iranian resistance would increase in response to US sanctions and pressure. These comments drove Brent oil prices up to $102.74 per barrel, which provided a boost to energy stocks such as BP and Shell.

In the United Kingdom, private sector growth slowed in September, hampered by domestic economic conditions and geopolitical uncertainty. Other market activity included a 54% surge for Ashtead Technology following a bid from Ember Infrastructure Management, while JD Sports Fashion saw a decline after reporting lower sales and profit.