London shares retreat as oil price slide hits energy majors

London shares fell on Thursday, retreating from multi-week highs as falling crude oil prices weighed on energy majors, ending the FTSE 100's longest winning streak since late May. The index slipped 0.5%. The drop was driven by a sustained decline in oil prices, with Brent crude falling 0.5% toward $87.40 a barrel. This followed diplomatic talks between Qatari and Iranian officials in Tehran, fueling expectations of an agreement to reopen commercial transit through the Strait of Hormuz. Shell and BP were hit, offsetting gains in insurance and mining sectors. British vehicle production fell 11.6% year-on-year in July to 63,655 units, according to the SMMT, citing a 15.9% drop in exports and early summer maintenance shutdowns. Investors are now awaiting Federal Reserve Chair Kevin Warsh's keynote address at the Jackson Hole symposium on Friday.