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London's FTSE 100 inches higher as Middle East tensions lift oil majors

London's FTSE 100 inches higher as Middle East tensions lift oil majors
FILE PHOTO: A broker reacts on the IG Index the trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson -
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SIMON DAWSON(Reuters)
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(Reuters) – Britain’s blue-chip index inched up on Friday as oil majors rallied amid concerns of supply disruptions due to Middle East tensions, while semiconductor company IQE plunged after warning 2019 revenue would be hurt because of the U.S. ban on Huawei.

The FTSE 100 index was up 0.2%, while the FTSE 250 midcap index added 0.1% by 0709 GMT.

Oil majors Shell and BP rose slightly as tensions in the Middle East escalated after a media report said that U.S. President Donald Trump had approved military strikes on Friday against Iran.

IQE Plc, which makes semiconductor wafers for chips, slumped 37.2% and was on course for its worst day on record after warning annual revenue would be lower-than-expected because of U.S. restrictions on China’s Huawei, which is affecting orders.

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

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