FTSE 100 Live: Stocks to rise; oil at four-month high as Trump eyes ‘keeping’ Iran’s supply
Welcome back to the City AM liveblog. The price of oil has smashed a four-month high following on from last week’s nine per cent rally. Brent crude – the international benchmark for oil prices – rose towards $108 per barrel on Monday morning following the news that Saudi Arabia had shut a major crude pipeline [...]
The FTSE 100 stocks are expected to rise in today's market, driven by a surge in oil prices reaching a four-month high. Brent crude, the global benchmark for oil prices, surged towards $108 per barrel on Monday morning after Saudi Arabia closed a major crude pipeline following drone attacks. Tensions in the Middle East continue to heighten, causing ships to avoid the Strait of Hormuz due to potential disruptions in oil transportation.
President Donald Trump suggested on Sunday that the United States may remain in Iran and "keep the oil" for its own benefit, drawing parallels to the US' efforts to secure a fifth of Venezuela's abundant oil reserves. He reiterated his expectation that the Iran war would conclude this year, potentially just after the United States' midterm elections in November. Trump also stated that gasoline prices would "drop like a rock" once the conflict ends, but only if he makes the "right deal" and avoids unfavorable outcomes.
Trump's remarks on Iran align with his previous claims that Tehran is "calling constantly" for peace talks, despite Tehran's previous dismissal of such assertions. The President asserted that the United States revenue from Venezuela has "paid for the war many times."
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