What drove the FTSE 100's rise on Wednesday, and which companies were key contributors?

The FTSE 100 rose 0.12% to 10,892.23 points on Wednesday, driven by strong earnings from Glencore and Next, as well as growing hopes for a U.S.-Iran peace deal that could ease oil-driven inflation concerns. Glencore’s shares rose 3.3% after reporting an 86% leap in first-half earnings—fueled by its commodity trading business amid Middle East conflict—and announcing plans for a secondary listing in Australia. Next surged 6.9%, becoming the FTSE 100’s top gainer, after lifting its annual profit outlook for the third time this year due to warm weather boosting second-quarter full-price sales. Other contributors included Rio Tinto and Antofagasta, which rose alongside higher copper prices, and 4imprint, which climbed 9.7% on strong full-year forecasts.

How did geopolitical developments—specifically U.S.-Iran negotiations—affect market sentiment and oil prices during the session?

Hopes for a U.S.-Iran peace deal lifted market sentiment and supported the FTSE 100, as such a deal could ease concerns about oil-driven inflation. Oil prices inched higher after a 5% slump the previous day, as investors watched for progress in negotiations aimed at ending the Iran war and restoring traffic through the blockaded Strait of Hormuz. U.S. President Donald Trump stated his administration had 'very good discussions' with Iran during all-day negotiations—fueling optimism that de-escalation could stabilize energy markets and reduce inflationary pressures.