FTSE 100 RECOVERS AS HOUTHI MISSILE ATTACK LIFTS OIL PRICES

London's FTSE 100 index made an uneven start on Wednesday morning, according to market reports, before recovering to modest gains by late morning. The index had suffered a late collapse during Tuesday afternoon's session, the reports said. Housebuilders Barratt Redrow and Bellway led Wednesday's rebound. Their gains spread to other property-related shares, including British Land and Workspace. A separate report said the pound and UK stocks were set for small gains on the day.

Oil prices rose during the session after Iran-backed Houthi rebels fired missiles towards the headquarters of Saudi Aramco, Saudi Arabia's state-owned oil company, according to reports. The missile attack came after Saudi Arabia had struck oil depots in Yemen earlier the same night, the reports said. The two actions took place within hours of each other as London markets prepared to open. Energy markets responded to the exchange with higher prices, coinciding with the FTSE 100's recovery from Tuesday's losses.

The developments highlighted how tension between Saudi Arabia and the Houthi movement continues to affect oil prices and broader market sentiment in London. Wednesday's gains came after a volatile 24 hours for the FTSE 100, which fell sharply on Tuesday before stabilising the following morning. Reports confirmed the index held onto its gains through the late morning, alongside the pound's advance. Coverage of the session showed the market closing the morning higher than where it had opened, after an uneven start.