FTSE 100 Live: Stock Futures Rise as Stocks Globally Rally

Oil prices are currently holding steady at $87 per barrel, as investors remain cautiously watching developments from the ongoing US-Iran negotiations and attempts to reopen the Strait of Hormuz. The Iranian regime has caused a setback in peace hopes by hinting it may prolong the conflict with the US until President Donald Trump's term ends.

Mohammad Reza Naghdi, a senior adviser to Iran’s Revolutionary Guards commander, stated that extending the war would send a message to any future US administration that "there is a cost" to hostile actions against Iran. He emphasized the need for deterrence to prevent any attacks on Iran and ensure their security, as reported on PBS NewsHour.

The recent clash between President Trump and Iran over control of the Strait of Hormuz has led to Trump claiming the US has "total control," while Iran asserts the strait is "blocked" and will not reopen until Iran's demands are met. Earlier this week, Trump stated that Washington "has total control over the Strait of Hormuz," adding that they intend to "keep it!"

David Morrison, a senior market analyst from Trade Nation, noted that while US-Iran peace efforts continue to stall and there is ongoing disruption at the Strait of Hormuz, oil traders are now focusing on the potential slowdown in demand growth. This comes after the global energy watchdog warned that oil stockpiles are "rapidly depleting." The liveblog will continue to provide the latest market analysis and updates.