FTSE 100 Live: Stocks to fall, oil holds firm as US warns of ‘Option B’
Good morning and welcome back to the City AM liveblog.
Markets are assessing the latest impact of Donald Trump’s renewed threat to resume military action on Iran, which has left oil prices near $111 a barrel.
The President has said the US was around “an hour away” from military action on Iran but has also doubled down that it could be “two or three days” until this action takes place if a deal is not made.
“A limited period of time, because we can’t let them have a nuclear weapon,” he said.
In a separate event at the annual Congressional Picnic, Trump insisted Tehran “wants to make a deal so bad”.
He echoed a sentiment reiterated throughout the conflict, claiming it was “going to happen fast,” adding: “You’re going to see oil prices plummet, they’re going to come down.”
The war has now entered its 12th week with all transport through the all-important Strait of Hormuz coming to a halt, choking around a fifth of global oil supplies.
Vice President JD Vance gave a media briefing at the White House where the US warned of “option B” if a deal fails to be reached.
He said the US was “locked and loaded,” before adding: “We don’t want to go down that pathway but the president is willing and able to if we have to.”
We’ll be bringing you the latest on this and all the top corporate news of the morning.
Here’s a few of our top headlines this morning
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- Deloitte set to boost UK staff bonuses and promotions
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- MP calls on government to mandate for free-to-air Champions League final
