Source - SMW
Brent crude oil prices were up 0.5% to $50.18 per barrel before easing back to $49.76 after four Arab countries cut ties with Qatar over alleged support of terrorist groups.

The FTSE 100 was 0.3% lower in mid-morning trading as miners and airline stocks dragged on performance.

Antofagasta (ANTO) and BHP Billiton (BLT) ticked 2.4% and 1.6% lower to 785.5p and £11.66 as forecast cuts from HSBC took its toll.

The potential impact on tourism from the London terror attacks on Saturday evening and the impact of higher oil prices hit the likes of easyJet (EZJ) and British Airways owner International Consolidated Airlines (IAG).

These stocks fell 2% and 1.5% respectively.

Legoland owner Merlin Entertainments (MERL) was also 1.8% down at 527.5p as the market felt tourists would be less likely to visit its attractions.

In the UK, service sector growth was disappointing as Markit's Purchasing Managers' Index fell from 55.8 in April to 53.8 in May. The drop reflected a softer pace of new order growth as people tightened their pockets following further inflation.

Copper and gold were broadly flat at $5,665 per tonne and $1,279 per ounce.

OVERSEAS MARKETS

In Asia, the stocks markets closed in the red on Monday thanks to an uplift in oil prices over the weekend. 

China's SSE Composite took the biggest hit of 0.4% to 3,091.

FTSE 100 RISERS AND FALLERS

It was a good start to the week for Royal Mail (RMG) after announcing it exchanged conditional contracts for the sale of two of its plots on the Nine Elms site to Greystar for £101m in cash. Shares in the UK parcels deliver firm nudged higher to 443p.

In its latest deal, telecoms giant Vodafone (VOD) sealed a joint partner market agreement with LG UPlus for South Korea, but this failed to move the stock much at 228.7p.

The market clearly wanted stronger results from AstraZeneca's (AZN) Phase III OlympiAD trial as its shares ticked 0.2% to £53.74. The pharma giant revealed patients showed a statistically-significant improvement in progression-free survival when using Lynparza (olaparib) tablets.

FTSE 250 RISERS AND FALLERS

Investors were optimistic about online food retailer Ocado (OCDO) after the company announced a long-awaited new international deal. Ocado confirmed an agreement with a regional European retailer to use its platform, which pushed the stock 1.9% higher to 321.9p.

Hungarian low-cost airline Wizz Air (WIZZ) increased its load factor - the percentage of available seats on scheduled flights occupied by passengers - from 90.1% in May 2016 to 91.1% in May 2017.

SMALL CAP RISERS AND FALLERS

Nearly two-fifths of UK-based Toople's (TOOP) value was wiped off following fundraising of £1.41m for marketing and customer acquisition activities. The company struggled on the stock market to fight against the competition as its share price has declined by approximately 75% since its IPO last year.

In the recruitment sector, Dillistone (DSG) warned its full year results were likely to be significantly below market forecasts as it suffered a slow start to 2017 and a higher cost base.

Elsewhere, shares in Genel Energy (GENL) slumped 4% to 94.7p after co-founder Nat Rothschild's decision to step down from his role of non-executive director.

Qatar Investment Fund (QIF) declined 8.3% after several of its neighbours severed diplomatic ties with the Arab state following its backing for Islamic militants.

ANGLE (AGL) uncovered another potential use for its liquid biopsy system, triggering a share price rally of 4.4% to 55.8p. The biotech firm said there was potential that it could isolate and identity signs of colorectal cancer.