Thursday 07 May 2026 6:30 am | Updated: Thursday 07 May 2026 6:22 am
FTSE 100 Live: Stocks to inch up as oil back over $100
By: Samuel Norman Senior City Reporter
Donald Trump has said a deal in Iran is closer, bringing hopes to global stock markets. Good morning and welcome back to the City AM liveblog.
After a relief rally on Monday, some tensions are returning to the market as Donald Trump threatens to give the American military the order to restart its bombing of the Middle East if Iran does not “give what has been agreed to”.
Trump has said should Iran follow through on a deal the war “will be at an end” and the Strait of Hormuz will be “OPEN TO ALL, including Iran”.
The mixed messages have sent Brent crude – the international benchmark for oil prices – back over the $100 mark. It follows hopes that the conflict in the Middle East might finally be drawing to a close, bringing a much-needed relief rally to global stocks on Tuesday. Brent crude was able to slip under $100 after Donald Trump predicted the war in Iran would be “over quickly”. He added most people “understand” the central goal of ending Tehran’s nuclear ambitions.
Trump said on Tuesday that the US would hit pause on its naval escort mission in the Strait of Hormuz as negotiations kicked off once more. Iran’s top negotiator Mohammad Bagher Ghalibaf has accused Washington of seeking Tehran’s surrender through using the blockade to cause “economic pressure and media manipulation”. But the Iranian foreign minister has said Iran is considering the US plan for a peace deal.
“The US plan and proposal are still being reviewed by Iran, and Iran will convey its views to the Pakistani side after concluding its assessment,” Esmaeil Baghaei told ISNA, Iran’s semiofficial news agency.
Here are a few of our top headlines this morning:
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- Big Tech wants a slice of the fashion world. But why?
- Could jet fuel shortages stop fans going on holiday to Fifa World Cup?
- ‘Frightening’: Middle-earning grads could end up paying nearly triple their student loan
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