The FTSE 100 climbed over 0.5% on Thursday, outperforming European peers as oil surged to $110 a barrel. Meanwhile, reports emerged that Iran is drafting a protocol with Oman to monitor traffic through the Strait of Hormuz, citing Iran’s Deputy Foreign Minister Kazem Gharibabadi. The update followed a speech by President Donald Trump that provided no clear roadmap for ending the Middle East conflict, keeping investors cautious. Oil majors Shell and BP gained nearly 3% each, while pharmaceutical companies AstraZeneca and GSK rose 1.9% and 1.7%, respectively. BAT advanced more than 2%, and discount retailer B&M jumped over 5% after a rating upgrade. Conversely, banks including HSBC Holdings and NatWest slipped more than 1%, reflecting ongoing risk sentiment in the sector.