FTSE 100 Live: Stocks to open flat as oil rises on new Hormuz sanctions
Welcome back to the City AM’s FTSE 100 liveblog. The UK’s blue-chip index is set to open flat on Tuesday morning, according to futures from investment platform IG. Oil prices continued to march upwards in early trading. Brent crude – the international benchmark for oil prices – gained another 0.5 per cent as it neared [...]
The FTSE 100 looked set to open flat on Tuesday morning, according to futures from investment platform IG. Oil prices surged higher, with Brent crude gaining 0.5% and nearing $98 per barrel. The Strait of Hormuz experienced further slowdown in traffic, as Iran announced plans to tighten control over the critical shipping lane. Tehran introduced a "restricted zone" outside the Strait, which could intensify sanctions on ships attempting to traverse the waterway.
Financial analysts noted that the recent Middle East tensions were impacting the FTSE 100. While energy giants BP and Shell helped cushion some of the index's downward pressure, the overall market displayed little optimism following Chancellor John Healey's first major speech. He addressed the UK's regions, pledging to stimulate economic growth and control borrowing to combat inflation.
However, pressure mounts on the government to reduce the financial burden on businesses during the upcoming Budget. Retail sales growth slowed in August, with fresh data showing a cooling effect from a heatwave that previously benefited retailers. The liveblog has concluded, with no further updates at this time.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
