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FinanceBrent crude falls below $100, stocks jump; Trump slaps new tariffs, threatens Iran
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Stock markets rose on Friday as Brent crude oil fell 4.1% to $96.63 per barrel, retreating from two-month highs after Houthi attacks on Saudi tankers had pushed prices to $100. The attacks prompted US President Donald Trump to threaten Iran with 'major military punishment,' holding Tehran responsible for the militia's actions. The US continued airstrikes on Iran for a 12th consecutive night. Meanwhile, Trump imposed a new wave of tariffs on 60 trading partners, including the UK, China, and the EU, with duties ranging from 10% to 12.5%, replacing a previous blanket 10% tariff. The Supreme Court had ruled many earlier tariffs illegal. In the UK, retail sales rose 1% in warm weather, boosting high street prospects, though rising oil prices threaten cost-of-living relief efforts by Mayor Andy Burnham.
Source report
Welcome back to City AM's FTSE 100 live blog.
Stocks jumped on Friday as oil prices eased from two-month highs. The benchmark price of Brent crude slipped 4.1% to $96.63 per barrel, following a surge to $100 after attacks by the Iran-backed Houthi militia on two Saudi Arabian tankers.
The recent spike in energy prices has brought markets back to levels last seen in March, when the US and Israel launched attacks on Iran. The last time Brent crude traded at $100 was in late May.
Geopolitical Tensions
Attacks by the Houthis over the Red Sea prompted President Trump to issue new threats against Iran. Trump stated he would hold the country "responsible" for the re-emergence of war in the Middle East, adding that "major military punishment" would follow given the militia's backing by Iran. The US launched strikes on Iran for the 12th consecutive night.
Trade Policy
Trump unveiled a new wave of tariffs on 60 trading partners, including the UK, China, and the European Union. The duties, ranging from 10% to 12.5%, came into effect on Friday, effectively replacing the blanket 10% tariff imposed in February. This follows a Supreme Court ruling that declared many of Trump's earlier tariffs illegal.
UK Economic Impact
The recent rise in oil prices threatens Andy Burnham's cost-of-living drive, as he sets out measures aimed at giving UK households "breathing space." However, his pledge to boost British high streets received a lift on Thursday, as retail sales rose by 1%, driven by warm weather and heavy discounting.
We'll be bringing you the latest market updates and analysis as the day develops.
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Stocks Jump as Oil Drops Below $100; Trump Launches Tariff Blitz