FTSE 100 movers: BP and Shell rally on oil price spike; Carnival cruises lower

London's FTSE 100 was down 0.3% at 7,343.87 in afternoon trade on Monday, with energy shares bucking the trend.

Oil giants BP and Royal Dutch Shell were the standout gainers on the top-flight index as oil prices surged after drone attacks on two oil processing facilities in Saudi Arabia over the weekend. The attacks have disrupted about half the country's oil output, which is equivalent to 5% of global production.

Neil Wilson, chief market analyst at Markets.com, said: "As market participants work to figure out the extent of the damage and how long this outage will last, we expect further volatility in oil prices. The risk of escalation is clear – we note Iran has seized a UAE-flagged vessel this morning. Meanwhile there is of course a heightened risk of splintering within the OPEC alliance and its friends, mainly Russia."

Retailer Next was on the front foot after an upgrade to 'neutral' at Credit Suisse.

Going the other way, cruise operator Carnival and British Airways and Iberia parent International Consolidated Airlines Group were both trading lower on the back of higher oil prices.

Wealth manager St James's Place was in the red. According to a call to its advisers leaked by The Sunday Times, the company is set to cut its bonus scheme and clamp down on rewards for its advisers.

The London Stock Exchange was lower amid reports that Hong Kong Stock Exchanges will step up its efforts this week to buy the LSE after it rejected a £29.6bn proposal last week. According to City AM, HKEX will hold meetings and phone calls with LSE investors to argue that its offer is preferable to the LSE's $27bn acquisition of financial data and trading platform provider Refinitiv.

FTSE 100 - Risers

BP (BP.) 532.10p 5.49%
Royal Dutch Shell 'A' (RDSA) 2,359.00p 3.35%
Royal Dutch Shell 'B' (RDSB) 2,351.50p 3.16%
SSE (SSE) 1,206.00p 1.90%
National Grid (NG.) 838.40p 1.19%
Next (NXT) 6,126.00p 1.09%
BT Group (BT.A) 173.06p 0.96%
BAE Systems (BA.) 575.40p 0.88%
Severn Trent (SVT) 2,060.00p 0.78%
United Utilities Group (UU.) 790.80p 0.76%

FTSE 100 - Fallers

Carnival (CCL) 3,720.00p -3.60%
St James's Place (STJ) 997.20p -3.23%
Rolls-Royce Holdings (RR.) 806.20p -3.08%
Prudential (PRU) 1,486.50p -3.03%
London Stock Exchange Group (LSE) 7,304.00p -2.79%
International Consolidated Airlines Group SA (CDI) (IAG) 446.61p -2.34%
Evraz (EVR) 523.40p -2.24%
Auto Trader Group (AUTO) 516.40p -2.23%
Barclays (BARC) 153.24p -2.16%
Anglo American (AAL) 1,946.80p -1.95%