FTSE 100 Live: Stocks shaky as Trump threatens ‘crushing economic operation’ on Iran

Welcome to the City AM liveblog. Oil prices remain above $91 as the US and Iran continue their conflict over control of the Strait of Hormuz. President Donald Trump has maintained that oil continues to flow through the narrow waterway, despite stockpiles depleting. He has stated there were no ongoing or scheduled talks with Iran.

In a lengthy post on Truth Social, Trump threatened to initiate the "most crushing economic operation ever taken against any country" on Iran, accusing Tehran of "failing to take" a deal and resulting in "economic warfare and isolation on an unprecedented scale". Trump described his economic measures as "historic" and capable of "crippling them", warning that any country providing a "type of lifeline" to Tehran would face "tremendous economic consequences".

The UAE has already suspended financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory. The 60-day ceasefire between the two countries ended on Monday. Tehran has called a future agreement not dead but in a "coma". Recent data from the International Energy Agency showed crude inventories increased by 4.4 million barrels last week, but distillate stocks declined by 1.5 million barrels to their lowest level in over a month.

We will bring you the latest market updates and analysis. Here are some of our top headlines this morning: Monzo faces an outage as thousands of users are unable to make payments or transfers; Goldman discusses the hardest hit junior white-collar workers by the AI hiring slump; London City 7s sign up a Springbok-producing powerhouse varsity team; and Williams turns to AI to maximize cost savings from F1. The liveblog has concluded with no further updates yet.