As it happened: Stocks jump as oil drops below $100; Trump in tariff blitz
Welcome back to the Morning Wire FTSE 100 liveblog.
Stocks jumped on Friday after oil eased back after reaching two-month highs on Thursday. The benchmark price of Brent crude oil slipped 4.1 per cent on Friday to $96.63 per barrel. Prices had surged to $100 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”. But his pledge to boost British high streets took a boost on Thursday after retail sales rose by one per cent, driven by warm weather and heavy discounting.
We’ll be bringing you the latest market updates and analysis as the day develops.
Jump straight to:
- 2:54pm: US stocks slip on open but avoid major losses
- 12:04pm: Oil eases in boost to FTSE 100
- 10:08am: Business activity jumps for first time in three months
- 9:41am: New US tariffs ‘could harm competitiveness’ of key British industries
- 7:09am: Retail sales jump as warm weather boosts online shopping