FTSE 100 Live: Shares close down 0.8% as oil price surges near $95 a barrel, S4 plunges

London’s FTSE 100 lost some ground ahead of this week’s potentially pivotal interest rate decision from the Bank of England, with higher oil prices helping energy majors rise. The fate of the index, which started the week near four-month highs, could well depend on events at Threadneedle Street on Thursday, when the Bank of England takes back the rates spotlight. There have already been 14 consecutive Bank of England hikes since December 2021 in a long fight against inflation, which was intensified by Russia’s invasion of Ukraine, which sent wholesale energy prices soaring.