FTSE 100 has rallied after a weak start and is now showing green after losing more than 100 points at the start. The index was up 20 at 7,979 an hour after the open.
Russia will stop its gas supplies to the West if the proposed ban on it exporting oil goes ahead. Bank of America (NYSE:BAC) analysts said this would raise the price of a barrel of crude, which is already at record levels, by over 40% to US$200.
The British taxpayer will pay around £3bn to rescue energy supplier Bulb from collapsing. Around £1.7bn was originally agreed to be paid in November but this figure soared on Russia's continued invasion which sent oil prices flying.
Bakery chain Greggs said it's under pressure, rising costs are putting pressure on its profits. The chain refused to rule out higher prices being passed onto the consumer.
Among the small caps, Harvest Minerals smashed its own internal forecasts after it told investors sales in the year so far totalled 30,161 tonnes. That represents a 1,070% increase from its own expectations and is 20% on the way to the total sales target for the year.
IXICO has won a contract for an open-label phase 1b/2 Huntington's disease (HD) trial worth approximately £800,000. The trials will evaluate the safety, tolerability and efficacy of the drug, and is expected to run for five years.
Oxford Cannabinoid returned positive preclinical results from the study of its lead asset. A study in animal models showed it reduced pain associated with chemotherapy.