FTSE 100 Live: Stocks to drop after oil reaches $100; Trump releases tariff blitz
Welcome back to the City PM FTSE 100 liveblog.
Oil hit a two-month high on Thursday, after reaching $100 for the first time since May. Brent crude oil prices surged following attacks by the Houthis, an Iran-backed militia based in Yemen, on two Saudi Arabian tankers.
The recent surge in energy pricing has brought markets back to where they were in March when the US and Israel launched attacks on Iran. The last time Brent crude traded at $100 was in late May.
Attacks by the Houthis over the Red Sea prompted Trump to issue new threats to Iran as he said he would hold the country “responsible” for the re-emergence of war in the Middle East. Trump added that “major military punishment” would come for Iran given the militia was backed by Iran. The US launched strikes on Iran for the 12th consecutive night.
Trump unveiled a slew of new tariffs on 60 trading partners, including the UK, China and the European Union. The duties, ranging from 10 to 12.5 per cent came into effect on Friday, effectively replacing the blanket 10 per cent tariff imposed in February. This comes after the Supreme Court declared that many of Trump’s earlier tariffs were illegal.
The recent rise in oil prices threatens Andy Burnham’s cost-of-living drive, as he sets out measures he says will give UK households “breathing space”. This agenda will face another test on Thursday morning, when June’s retail sales statistics are revealed.
We’ll be bringing you the latest market updates and analysis as the day develops.
This morning’s top stories:
- Burnham accused of gutting tech department’s ‘biggest strength’
- Burnham’s cost of living push under threat as oil hits $100
- Heathrow boss warns Burnham against Budget raid after hub’s tax bill doubles
- A beginner’s guide to appeasing the bond market – and why it matters
- Housebuilder hits a wall: How did Vistry become the UK’s most shorted stock?