(Il Sole 24 Ore Radiocor) - Milano, 9 mar - Shares in London closed slightly lower as oil prices eased after surpassing 100 dollars per barrel earlier today as the war between the US and Iran intensified, paralysing shipping in the Straits of Hormuz and prompting oil producers in the Gulf to cut production.

Currently, WTI futures are up 6.33% at 96.65 dollars per barrel.

Oil prices had earlier surged around 30% but pared gains after a report the G-7 was set to discuss the possibility of releasing strategic stocks at a meeting today.

As the conflict intensifies, investors are beginning to price in a longer-lasting supply-side shock, raising concern of a scenario of slower growth and faster inflation.

Late on Sunday US president Donald Trump said that higher oil prices short term were 'a very small price to pay' for eradicating Iran's nuclear threat.

The London FTSE 100 closed down 0.34% at 10,249.52 points.

(RADIOCOR) 09-03-26 18:11:40 (0525) 5 NNNN