FTSE 100 slips as soaring oil fans inflation fears

London's FTSE 100 stock index fell on Tuesday, reflecting a gloom in global markets, as soaring crude prices due to a potential ban on Russian oil imports raised the spectre of runaway inflation and slowing economic growth.

London's FTSE 100 stock index fell on Tuesday, reflecting a gloom in global markets, as soaring crude prices due to a potential ban on Russian oil imports raised the spectre of runaway inflation and slowing economic growth. The blue-chip FTSE 100 fell 0.4%, with miners and consumer staple stocks, including Diageo , Unilever and British American Tobacco , leading declines.

Oil prices rose on Tuesday as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability. President Joe Biden's administration is willing to move ahead with a U.S. ban on Russian oil imports even if European allies do not, Reuters reported on Monday, citing people familiar with the matter.

The domestically focused mid-cap index fell 0.3%, with travel and leisure stock, down 1.3%, among top drags.