The FTSE 100 ended lower on Tuesday, weighed down by declines in mining and housebuilding shares amid concerns over rising oil prices and weakening mortgage approvals. The index fell 23.8 points, or 0.2 percent, to close at 10,484.22.

Precious metals and mining stocks saw notable losses as the price of Brent crude oil climbed $1.30 to $73.90 per barrel, fueling investor worries about escalating energy costs, surging inflation, and the possibility of extended periods of elevated interest rates. Fresnillo, a precious metals miner, declined 3 percent to £27.81, while Endeavour Mining fell nearly 3 percent to £37.39. Anglo American dropped 2.5 percent to £36.27, and Antofagasta slipped 2 percent to £37.47. The retreat in mining shares was attributed primarily to the oil price surge and concerns over the impact on operational costs and broader economic conditions.

Housebuilders also experienced downward pressure following disappointing mortgage approval numbers released by the Bank of England. Net mortgage approvals declined 14.9 percent in May to 56,205 from 66,034 in April, prompting investor caution. Shares in Barratt Developments and Redrow dropped 2.2 percent to 283.75 pence, while Persimmon retreated 2.5 percent to £10.82. Vistry saw the steepest decline among its peers, losing 4.2 percent to 255.5 pence.

Babcock International, a defense contractor and warship builder, fell 5.2 percent to 921 pence after reports emerged that the UK government would not commission replacements for some aging destroyers. Instead, the focus is expected to shift toward the development of drone warships, raising uncertainties about future contracts for traditional naval vessels.

In contrast, certain firms posted gains. Bridgepoint, the private equity firm, saw its shares rise 16.1 percent to 270 pence following its announcement to expand into the U.S. property market, a move that was well received by investors. Trustpilot, a consumer review platform, gained 6 percent to 253.5 pence after unveiling a partnership with Shopify, enabling merchants to integrate directly with the platform. Lion Finance, formerly Bank of Georgia Group, climbed 2.2 percent to £111.10 after JP Morgan raised its price target to £139 from £131, citing positive takeaways from an investor day held in Tbilisi.

Overall, market sentiment remained cautious as investors balanced concerns about inflationary pressures and interest rate outlooks with selective optimism around strategic corporate moves and partnerships.