Oil prices surge due to geopolitical tensions, benefiting Shell and BP stocks, which play a significant role in stabilizing the FTSE 100 amidst market fluctuations.

Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions.

Oil prices fell on Wednesday, after a gain of 4 per cent in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.