Investors piled in on oil stocks and safe-haven assets following US strikes on Iran-linked targets in Syria.

Simmering tensions in the Middle East and supply concerns sent the price of Brent Crude up 2.4 per cent to reach more than $90 a barrel.

It came as the US carried out air strikes on two weapons and storage facilities in eastern Syria in response to attacks on its own bases by targets linked to Iran’s Revolutionary Guard Corps.

Israel has also ramped up its military presence in Gaza ahead of an expected ground invasion against Hamas.

Shares in BP fell 0.6 per cent, or 3.3p, to 530.5p while Shell was up 0.5 per cent, or 12p, to 2700.5p and Harbour Energy added 1.3 per cent, or 3.2p, to 253.5p.

On the rise: The prospect of a wide-scale conflict in the Middle East also drove investors towards safe-haven stocks in London

On the rise: The prospect of a wide-scale conflict in the Middle East also drove investors towards safe-haven stocks in London

On the rise: The prospect of a wide-scale conflict in the Middle East also drove investors towards safe-haven stocks in London

But across the Atlantic, US giants ExxonMobil and Chevron sank into the red after both reported third-quarter profits that were lower than analysts expected. The pair’s results were fresh off the back of recent blockbuster deals. Exxon Mobil, America’s largest oil company, this month agreed to buy Pioneer Natural Resources for £54billion. And on Monday Chevron sealed a £43billion takeover of rival Hess.

The prospect of a wide-scale conflict in the Middle East also drove investors towards safe-haven stocks in London.

Higher gold prices sent Fresnillo up 3 per cent, or 15.8p, to 549.6p while Endeavour Mining added 0.4 per cent, or 7p, to 1659p and Centamin increased 2.2 per cent, or 1.8p, to 79.9p.

The FTSE 100 fell 0.86 per cent, or 63.29 points, to 7291.28 while the FTSE 250 rose 0.5 per cent, or 83.14 points, to 16866.23. The London’s second-tier index has clocked up its sixth weekly decline – a feat not seen since 2018. Standard Chartered came under further pressure as three City brokers cut their target prices on the lender’s stock a day after it revealed its exposure to the Chinese property market and a sharp drop in profits.

Shares, which tumbled 12.4 per cent on Thursday, dropped another 2.3 per cent, or 14.6p, to 610.6p.

Things have gone from bad to worse for Safestyle over the past two days.

On Thursday the double-glazing giant crashed an astonishing 80 per cent after it warned investors may get wiped out if it is sold. And today it was forced to suspend its shares (at 0.32p) due to the increased financial uncertainty of the business.

Then in a statement after the market closed, Safestyle said it intends to appoint administrators after concluding it is no longer able to continue trading as a going concern. It came as the firm said that the parties who were interested in buying the business have walked away. Digital 9 Infrastructure rose highest among the mid-cap stocks after the company, which invests in data centres and wireless networks, said it considering whether to sell its stake in Verne Global.

It is part of the group’s plan to strengthen its balance sheet and produce better returns for shareholders. Shares gained 10.1 per cent, or 3.7p, to 40.2p.

Trainline also raced ahead as the City backed the online ticketing app to manage the impact of potential UK rail reforms.

Analysts at JP Morgan said it could take some years for Great British Rail, the proposed state-owned public body, to be rolled out.

That means commuters are unlikely to switch from Trainline, which holds nearly two-thirds of the UK’s online tickets market, and should grow further.

JP Morgan raised its rating on the online ticketing app to ‘overweight’ from ‘neutral’ and increased the target price to 300p from 295p. Shares climbed 9.5 per cent, or 22p, to 253.2p.

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