Samuel Norman

The FTSE 100 extended gains as oil prices retreated after Brent crude briefly rose to around $90 amid uncertainty over Iran-related developments and the Strait of Hormuz. Conflicting reports involving Iran, Oman and Qatar were followed by a White House denial that negotiations with Tehran were under way. US technology stocks rallied after Nvidia reported more than doubled sales, while UK banks, oil producers, tobacco companies and AstraZeneca weighed on the FTSE 100, prompting discussion of a rotation toward technology shares. Markets also awaited Kevin Warsh’s speech on inflation, with investors expecting confirmation that there is still work to do before monetary policy can ease.

The FTSE 100 rose as immediate pressure in oil markets eased, although Brent crude had recently rebounded to around $90 a barrel amid uncertainty over supplies and the status of the Strait of Hormuz. Iran and Oman reportedly reached a revenue-sharing agreement, while Qatar’s prime minister visited Tehran, but the White House said no negotiations were underway between the US and Iran. US technology stocks surged after Nvidia more than doubled its sales, encouraging a rotation toward tech shares and weighing on UK banks, oil producers and tobacco companies, including HSBC, Shell and British American Tobacco.

The UK government plans to give the Bank of England a secondary objective to support innovation in payment systems and digital currencies, while preserving financial stability as its primary responsibility. The Treasury will introduce the change through amendments to the Financial Services and Markets Bill, with the Bank required to report annually on progress. The measure forms part of Labour’s broader payments-sector overhaul, including the planned consolidation of the Payment Systems Regulator into the Financial Conduct Authority. Industry and lawmakers have criticized the pace and substance of the reforms, while officials expect the consolidation to produce some efficiencies.

The FTSE 100 initially fell as declining oil prices pressured BP and Shell but later recovered, with miners and sectors such as retail, aviation and housebuilding providing support. Brent crude dropped more than two per cent to about $86 per barrel amid reports of progress toward a US-Iran peace deal and possible reopening of the Strait of Hormuz. Ofgem raised the UK household energy price cap by four per cent to £1,723 annually, adding pressure to the cost of living. The article also notes Canada’s announcement of $20 billion in retaliatory tariffs following escalating tensions with US President Donald Trump. The live blog had ended and contained no subsequent updates.

The FTSE 100 initially fell as declining oil prices weighed on BP and Shell but later recovered, with Antofagasta leading gains amid high copper prices. Hopes of progress toward a US-Iran peace deal and the possible reopening of the Strait of Hormuz helped ease oil-market concerns and supported retail, aviation and housebuilding stocks. Ofgem also raised the UK household energy price cap by four percent to £1,723 annually, increasing cost-of-living pressure, while a US-Canada trade dispute intensified after Canada announced $20 billion in retaliatory tariffs.

NatWest has received approval from the US Federal Reserve to establish a representative office in Connecticut, enabling it to market products, support customers, solicit business and perform administrative functions, but not take deposits or lend. The office would strengthen NatWest’s relationship management and market engagement in the US, following regulatory changes in the UK. The move comes as European banks and fintechs pursue US expansion, although Wise and Bunq have had licence applications rejected and Monzo has withdrawn from the market.

The FTSE 100 rallied after an initially weak session, with Airtel Africa and InterContinental Hotels Group among the leading risers while Auto Trader and Melrose Industries weighed on the index. Investors focused on US Treasury Secretary Scott Bessent’s plans to double bond buybacks and announce sanctions against Iran, which Iran’s security chief Mohsen Rezaei warned could trigger retaliation targeting oil shipments through the Persian Gulf and Strait of Hormuz. Brent crude slipped to just above $93 a barrel, pressuring Shell and BP, while Shein’s valuation reportedly fell ahead of a Hong Kong IPO. The UK government also announced a review of business-rates revaluations affecting pubs and hotels.