FTSE 100 holds near peaks as falling crude hits oil majors

London's FTSE 100 edged up 0.1% on Wednesday, holding near multi-week peaks as falling crude prices dragged on oil majors Shell and BP, which each fell over 1.5%, while gains in homebuilders and miners offset the losses. The 2% drop in global oil benchmarks followed reports that Iran and Oman resumed talks to potentially reopen the Strait of Hormuz, easing supply fears and pushing Brent toward $86 a barrel. Copper prices hit a six-month high on dwindling LME inventories, boosting miners like Rio Tinto and Anglo American. The cautious session followed Tuesday's 0.3% advance, supported by the UK government's newly announced £10 billion social housing program. Gold prices eased slightly ahead of upcoming U.S. inflation data.