FTSE 100 Live: Stocks to jump; oil tips over $110 on lack of US-Iran progress

Welcome to the City AM FTSE 100 liveblog. London’s blue-chip index is poised to rebound after some previous losses, as investors take note of the surging oil prices. Brent crude, the global standard for oil prices, broke the $110 mark per barrel on Wednesday, resuming its upward trend following reports of mixed progress in US-Iranian diplomatic talks.

The previous slide on Tuesday was driven by the drop after Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian officials in Tehran to deliberate the following steps of the negotiations with Washington. However, a diplomatic source involved in the discussions denied rumors of an imminent deal, confirming that efforts to resolve the conflict are ongoing.

Oil prices have climbed more than 10% this month. Stay tuned for the latest updates from the London Stock Exchange and the broader business world as they happen. Here are some of our top stories today: 'Own goal' - City officials warn that higher bank taxes could harm employment opportunities outside of London; Members of Parliament express frustration after the Labour party rejected over a dozen proposals aimed at increasing UK investment; Trustee groups are limiting the options of pension schemes, which may impede growth; Industry leader claims; Amazon promises to create 30,000 jobs for "Neets" (not in education, employment, or training) before the Budget; Union members are protesting Natwest’s plan to require employees to work at the office for two days a week. The liveblog has concluded. No further updates are available at this time.