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FTSE 100 Live: Stocks dip as oil rises on new US-Iran strikes

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Oil prices remain volatile as investors go sceptical on Iran peace talks.

Welcome back to the Morning Wire liveblog.

Markets are returning from the weekend to weigh up the latest round of rising tensions in the Middle East after the US and Iran have continued to exchange strikes stoking fears of a hit to global oil supply.

Brent crude – the international benchmark for oil prices – was moving higher on Monday morning creeping above $97 per barrel.

It follows the US targeting three Iranian oil tankers over the weekend in retaliation for ballistic missile attacks on US Navy warships. Tehran has hit back and attacked oil tankers and other vessels linked to the US and pledged to introduce a “restricted” maritime zone beyond the Strait of Hormuz in the coming days.

US energy secretary Chris Wright has urged other nations to join to support the US effort in reopening the Strait of Hormuz, stating “world trade should not be the sole responsibility of the United States.”

The 60-day ceasefire between the US and Iran formally expired last month, but there has been little sign of a further diplomatic solution on the horizon.

On Friday, Trump repeated the US position and claimed the conflict is not a “war”.

“I call it a military conflict because it’s small potatoes for us. It’s not a big thing,” the US President said, referring to the ongoing attacks as “intermittent”.

The ongoing tensions have left ships hesitant to travel through the Strait of Hormuz – which previously carried around 20 per cent of the world’s oil and liquefied natural gas supplies – until there is confirmed safe passage.

We’ll be bringing you the latest market updates and analysis.

Here’s a few of our top headlines this morning