FTSE 100 Live: Stocks set for tug of war amid US-Iran mixed messages
Good morning and welcome back to the City AM liveblog.
Markets are being pulled in countless directions from the conflicting information emerging around the conflict in the Middle East.
The FTSE 100 managed to shrug off some of these jitters yesterday and secure a finish 0.3 per cent higher as the price of oil slipped.
But this morning fears threaten to amplify after the US confirmed it had struck an Iranian island in a bid to intercept “multiple Iranian ballistic missiles and drones”.
The Qeshm Island, which sits near the Strait of Hormuz, had explosions reported by Iranian state media late last night.
The US framed the strikes as “self-defence” in response to “attempted attacks by Iran across the Middle East”.
Meanwhile, Trump has pushed back against suggestions that the US and Iran are no longer in negotiations after Iranian state media reported that Tehran had abandoned talks.
He said the two countries have been speaking “continuously” and branded reports that the talks ended a few days ago as “false and erroneous”.
But in his Truth Social post he did issue a warning to the Iranian regime: “It’s time, one way or another, for you to make a Deal”.
A source close to the Iranian negotiating team told the state news agency Mehr that it is yet to respond to a proposed agreement with the US.
It added that discussions were being held in Tehran on the final text of the agreement but leadership was reviewing it closely based on distrust of the US after accusing it of violating the ceasefire.
“Based on previous experiences, Iran is seeking tangible and real benefits,” the source said.
We’ll be bringing you all the latest market reaction and more.
Here’s a few of our top headlines this morning
- UK has ‘lost control’ of its international narrative, says Barclays
- SpaceX to allow British investors to buy into blockbuster IPO
- London luxury property at mercy of Labour chaos, not Iran war
- Lime trialled fast-food lane that let Deliveroo riders bypass speed limits
- Former Lloyd’s DEI leader left Beazley over non-financial misconduct allegations
