FTSE 100 Live: Stocks to fall as oil jumps after Trump claims Strait of Hormuz
Welcome back to the City AM liveblog. Oil prices are surging higher for the fourth consecutive session after Donald Trump declared the Strait of Hormuz as US territory. Brent crude – the international benchmark for oil prices – was climbing towards $92 as there was little indication the narrow waterway was to be reopened, keeping [...]
The FTSE 100 experienced a decline as oil prices surged following President Donald Trump's declaration that the Strait of Hormuz is now US territory. Brent crude, the global benchmark for oil prices, rose towards $92, with no signs of the narrow waterway being reopened, which kept supply pressures high. President Trump shared a crude map on Truth Social, marking Hormuz as "NEW US territory."
He claimed the Naval Blockade remains in full force, stating that the Strait of Hormuz is open and operating, with all water mines removed or detonated. Despite Trump's assertion, concerns over shipping through the strait have persisted due to the presence of Iranian forces, who have intensified hostilities. In the past month, eight attacks on vessels transiting Hormuz, including those linked to the UAE and Saudi Arabia, have been reported.
In the United States, crude inventories saw a decrease of 328,000 barrels over the previous week, following a 9 million barrel increase the week before. Trump affirmed that there are "no talks or conversations going on, or scheduled" with Iran. However, his US Special Envoy and President's son-in-law, Jared Kushner, stated that Iran is "not showing any interest" in a deal proposed by the Trump administration.
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