The London FTSE 100 edged lower to the 10,699 level, driven by escalating tensions in the Strait of Hormuz and political uncertainty as Andy Burnham prepares to take office as the new Prime Minister. While Brent crude oil rose to $98 a barrel amid geopolitical concerns, gains in energy shares were offset by weakness in precious metal miners. Additionally, the UK government unveiled a 20% cut in business rates for pubs and clubs during this transition period.
