The rise in oil comes as Western countries discussed implementing a Russian oil import ban as a sanction against Russia’s invasion of Ukraine.

Financial and consumer staple are the hardest-hit stocks, as inflation fears increase, while energy and mining stocks performed well.

In air transport, International Airlines Group and easyJet both fell more than 10%.

In other news, a new report by lender Halifax shows the average property price rose by 0.5% again in February. Prices are now 10.8% higher than a year earlier.

 

Things to read today:

Global Markets Fall After Oil Hits $130 (WSJ)

Why is the UK Stock Market so Cheap? (Financial Times)