FTSE 100 Live: Stocks to edge up despite ongoing pressure on oil

Welcome back to the City AM liveblog. UK investors are cautiously optimistic despite ongoing concerns around rising inflation and the impact of the Iran war on the UK economy. Brent crude oil prices have reached their highest levels in four months, hovering around $108 per barrel. Despite this, industry data revealed a surprise surge in US crude inventories last week, which exceeded expectations for additional drawdowns.

However, this positive industrial news was tempered by Saudi Arabia's decision to halt oil loading operations at its Yanbu port due to a pipeline closure that disrupts a critical East-West passage alternative to the Strait of Hormuz. The suspension of operations remains without a clear restart timeline. Libya's national oil company also temporarily halted activities at two oilfields and a pumping station following widespread protests.

Recently, a ship was struck by an unidentified projectile in the Strait of Hormuz, causing alarm about safety concerns in the narrow waterway. The US has redirected over 100 commercial vessels through the strait to comply with its naval blockade. We will continue to provide you with the latest market updates and analysis throughout the day.

Here are some of the top headlines making waves this morning: Palantir's NHS platform expands into GP patient data sharing, Sullivan & Cromwell joins the stampede to Abu Dhabi, KPMG increases its tech and cyber layoffs to 200 roles, Ofcom admits online safety impact remains limited as the full roll-out is delayed to 2027, and Dazn announces it is getting 'IPO ready' following a swing into profitability and key hires.