Vodafone's shares are now changing hands 3.91 percent higher at 219.35p.
British blue chips were little changed after April inflation jumped more than expected to hit its highest level since September 2013, according to data on consumer prices underlining a growing squeeze on households. But the tech, utility and industrial sectors lagged.
Germany's DAX fell 0.2 percent and UK's FTSE added 0.1 percent with both paring gains that lifted them to fresh record highs earlier in the session.
"The main story of the day is the commodity market as the oil price rises, dragging up other commodity prices", said Kathleen Brooks, research director at City Index in London.
It comes after energy ministers from Russian Federation and Saudi Arabia took further steps to tackle oversupply in the market by extending production cuts from the middle of 2017 until March next year.
The inflation rate rose to 2.7% in April from 2.3% the month before. Elsewhere, the mood among German investors improved yet again in May to hit its highest level since July 2015.
He also pointed to the latest release of Consumer Price Index (CPI) data from the Office for National Statistics (ONS), which showed price inflation in the United Kingdom reached its highest level since September 2013.
"The big picture is that underlying inflationary pressures continue to build in the United Kingdom economy as the impact of weaker sterling and higher energy prices now feeds into consumer prices", wrote Davy Research analyst David McNamara.
The real concern is wage growth, which at 2.3% has now been over taken by inflation - coming in at 2.7%.
The report from the Office for National Statistics is scheduled for release at 9:30 a.m. London time, or 4:30 a.m.
The world's second-largest mobile operator, Vodafone, posted a 6.1 billion euro ($6.71 billion) loss for the 12 months ending in March.
At the other end of the index, budget airline EasyJet was more than 7% lower after confirming on Tuesday that it made a pre-tax loss of £212 million, well above the £21 million loss it recorded in the first half of past year but in-line with its guidance. The airlines said weakness in sterling against the dollar and euro shaved GBP82 million off the bottom line.