FTSE 100 Pares Losses in Thin Holiday Trading as Oil Declines

UK shares erased most of their losses in thin holiday trading as oil declined amid hopes for a peace deal in the Iran war.

The FTSE 100 index was down 0.1% as of 4:04 p.m. in London after falling as much as 0.8%. Benchmark Brent crude oil dropped below $110 a barrel on reports the Iran’s foreign minister briefed regional counterparts on the “latest positions and initiatives aimed at ending the war.” Most European markets were closed for Labor Day.