Investing.com — British stocks traded higher on Friday as oil prices retreated after U.S. President Donald Trump ruled out attacking Iran before next month’s midterm elections.

The FTSE 100 was up 0.80%, as of 03:18 ET (07:18 GMT). Germany’s DAX rose 0.77% and France’s CAC 40 gained 0.76%. Sterling traded at $1.3240, up 0.07%.

Miners led the FTSE 100 higher as metals prices rose. Antofagasta led FTSE 100 gainers, up 3.4%, followed by Fresnillo, Glencore, Anglo American and Endeavour Mining, which rose between 1.6% and 3.3% as metals prices climbed.

U.S. gold futures rose 1.45% to $4,217.26 an ounce and spot gold gained 1.43% to $4,192.73,

Copper rose 1.22% on the LME and silver advanced 2.1%, supporting both base-metal and precious-metal producers.

Brent futures fell 0.7% to $103.54 a barrel, while U.S. West Texas Intermediate fell 0.55%, to $91.

In a social media post late on Thursday, Trump said “we will not be attacking Iran at any time prior to the Midterm Elections”, citing “productive discussions” with Tehran, while the “Blockade will remain in full force and effect”. He claimed “22 Million Barrels” passed through Hormuz “last night alone”.

The Pentagon has drawn up plans for a three-day strike campaign on Iran’s missile and drone arsenal, energy facilities and command centres, the New York Times reported, citing unnamed officials, even though the president has repeatedly rejected resuming major combat operations.

Saudi central bank governor Ayman Al-Sayari said the East-West Pipeline had “helped immensely” in sustaining supply despite Hormuz and Red Sea disruptions. Pakistan Prime Minister Shehbaz Sharif condemned Houthi attacks on Saudi airports.

IRGC Navy political deputy Ali Mohammadi told Fars that Iranian forces conduct operations every night in Hormuz against vessels Tehran deems in violation of its rules, and called estimates of 3 million to 8 million barrels passing through the strait “incorrect”.

Foreign Minister Abbas Araghchi said Tehran would respond to U.S. proposals within the “next few days”.

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