FTSE 100 Live: Stocks flat as Trump threatens to ‘finish the job’ in Iran; Oil creeps above $72 Welcome back to the City AM liveblog. Donald Trump warned the US will “finish the job” in Iran leaving investors unnerved as he renewed military threats following the funeral of Tehran’s former Supreme Leader Ayatollah Ali Khamenei. Brent crude – the international benchmark for oil – traded above $72 per barrel on the news, but did remain close to its lowest levels in more than four months. The rising supply has provided a boost to the market in the last week as more vessels were able to make their way through the Strait of Hormuz. But stalling talks between the US and Iran threaten to derail the recovery. Negotiations for a lasting peace deal ended without any public sign of headway last week. A 60-day ceasefire is currently in place – set to expire next month – with the goal of giving some space for diplomacy. “We’re either going to make a deal or we’re going to finish the job… and it won’t be tough to finish the job. I’d rather make a deal, because I don’t want to affect 91 m people,” Donald Trump said in the Oval Office. “We can knock down their bridges in one hour, we can knock out their energy supply…. They don’t have any money now. We haven’t given them any money.” Meanwhile, Secretary of Iran’s Supreme National Security Council Mohammad Baqer Zolqadr branded Trump’s threat “delusional.” We’ll be bringing you the latest market updates and analysis. Here’s a few of our top headlines this morning - Patent cliff fuels Novartis’ $1.5bn swoop for London biotech - M&S to face shareholder grilling over cyber attack recovery - Burnham told to launch £100bn tax reform package - London Lions in EuroLeague franchise bid – but may have to quit Super League Basketball - ‘In fine fettle’: Pall Mall’s RAC waiting list grows as posh club toasts profit boost
FTSE 100 Live: Stocks flat as Trump threatens to ‘finish the job’ in Iran; Oil creeps above $72 Welcome back to the City AM liveblog. Donald Trump warned the US will “finish the job” in Iran leaving investors unnerved as he renewed military threats following the funeral of Tehran…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.
Iranian officials reported strikes on US radar and air defense sites in Kuwait and Bahrain, along with the interception of two oil tankers in the Strait of Hormuz. The United States conducted strikes on Iranian targets following the deaths of three US soldiers, with the Pentagon stating the actions aimed to degrade capabilities affecting shipping.
Houthi forces in Yemen announced plans to blockade Saudi ports, while both US and Iranian leaders issued statements on further escalation.