FTSE 100 Live: Stocks to dip as oil rises on new US-Iran strikes

The FTSE 100 is expected to see a dip in stocks as oil prices rise following new US-Iran strikes, stoking fears of a decline in global oil supply. Brent crude, the benchmark for oil prices, rose above $97 per barrel on Monday morning. This surge follows the US targeting three Iranian oil tankers over the weekend in response to ballistic missile attacks on US Navy warships.

In retaliation, Iran attacked oil tankers and other vessels associated with the US, and pledged to establish a "restricted" maritime zone beyond the Strait of Hormuz in the coming days. US Energy Secretary Chris Wright has called on other nations to join the US in supporting efforts to reopen the Strait of Hormuz, emphasizing that "world trade should not be the sole responsibility of the United States."

The 60-day ceasefire between the US and Iran officially ended last month, but there has been no significant progress towards a diplomatic resolution. On Friday, President Trump reiterated the US stance, calling the ongoing conflict a "military conflict" rather than a "war," describing it as "small potatoes for us." Ships are wary of navigating the Strait of Hormuz, which historically carried about 20% of the world's oil and liquefied natural gas supplies, until there is assurance of safe passage. The liveblog will continue to provide updates and analysis on the market situation.