Good morning and welcome back to the City AM liveblog.
The chaos in global markets of last following the breakout of conflict in the Middle East is poised to continue as tensions in the Gulf showed no sign of slowing down over the weekend.
The price of oil notched its highest gains in a single day in six years this morning as markets digested the news that key suppliers in the Middle East were trimming production amidst the war.
Brent crude – the international benchmark for oil – rose as much as 20 per cent, whilst US crude oil futures rose more than 25 per cent to $115.
Markets are already getting swept up in the chaos with South Korea’s Kospi index plunging nine per cent on the news whilst Japan’s Nikkei 225 fell more than seven per cent.
The FTSE 100 fell over five per cent to 10,269.18p last week as investors ditched their exposure to stock markets and fled to safe havens.
But the anxiety doesn’t appear to be clearing soon. President Donald Trump has called for the unconditional surrender of Iran, which the latter has branded a “dream”.
Trump has said that if Iran does not surrender then “it will be hit very hard!” and warned that the country was “under serious consideration for complete destruction and certain death”.
We’ll be bringing you the latest market and economic reaction.
Here’s a few of our top headlines from the weekend
- Monzo slammed for ‘shaming’ end of year reviews
- Trump promises to hit Iran very hard, after president vows to never surrender
- Blackrock fund limits withdrawals amid private credit fears
- Mel Stride vows ‘Big Bang’ as he targets careful City
- Borrowing costs climb most since mini-Budget on inflation fears
- Iran war: From fuel to food, what could get more expensive?
- Hugh Osmond-backed restaurant group snaps up pubs to launch new brand
