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FTSE 100 Live: Stocks drop as Trump in ‘no rush’ to end Iran war; Retail sales jump on fuel rush

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Donald Trump at Pennsylvania CPA event, addressing financial policies to an audience of accounting professionals
Trump said Iran peace could happen soon. (Pic: AP/PA)

Good morning and welcome back to the City PM liveblog.

Donald Trump has slapped another extension on ceasefires in the Middle East following Wednesday’s intervention, where a previous deadline was set to expire.

Just days ago, Trump said he was extending the ceasefire indefinitely as the deadline for strikes on Iranian power plants drew nearer.

And last night, the President said the ceasefire in Israel and Lebanon will last for three weeks. On Truth Social, Trump said the decision follows a White House meeting with Israel and Lebanon.

The move is already sending jitters through markets, with brent crude prices – the international benchmark for oil – holding up over $105.

Trump has also been quick to insist he is under no pressure to end the conflict and is still in the driving seat for negotiations.

The US still has “total control” of the Strait of Hormuz, according to Trump, and he has said when Iran makes a deal the vital shipping lane will open up.

“I don’t want them to make $500 million a day until they settle this thing,” he says. “I’m the one that kept it closed… If they don’t want to make a deal, then I will finish [the war] up militarily.”

“I don’t want to rush myself,” he said.

Meanwhile, Iran has kept its own pressure on the strait in the last few days with three cargo ships attacked by the Islamic Revolutionary Guard Corps (IRGC) while attempting to cross – two of them belong to the world’s biggest shipping company, MSC.

We’ll be bringing you the latest on this and more.

Here’s a few of our top headlines this morning