The FTSE 100 closed flat, underperforming European peers as declines in oil and gold stocks weighed. Oil giants BP and Shell dropped 4.8% and 3.7%, respectively, as crude prices slid following President Trump’s announcement of a ceasefire between Israel and Iran, which reduced geopolitical risk but remains fragile. Gold miners like Endeavour and Fresnillo also fell, losing over 6% and 2%, as demand for haven assets declined. Defense firm BAE Systems shed over 4%, reversing recent gains from heightened geopolitical tensions. Meanwhile, investor bets on interest rate cuts rose after Fed Chair Powell signaled cuts could come sooner if inflation or the labor market weaken. Also, BoE Gov Bailey and Deputy Gov Ramsden reinforced expectations for a UK rate-cutting path. Easing oil prices further soothed inflation concerns. On the upside, airline stocks soared, with EasyJet and IAG gaining more than 6%, after Gulf states like Qatar and the UAE reopened their airspace and resumed flights.