Key facts
- President Donald Trump issued renewed military threats against Iran, stating the US would "finish the job" if a deal was not reached.
- Brent crude oil, the international benchmark, traded above $72 per barrel.
- The market has seen rising oil supply in the past week, with more vessels navigating the Strait of Hormuz.
- Stalling talks between the US and Iran threaten to derail the recovery of oil prices.
- A 60-day ceasefire between the US and Iran is set to expire next month.
- Iran's Supreme National Security Council Secretary Mohammad Baqer Zolqadr called Trump's threat "delusional."
The FTSE 100 stock index remained flat as President Donald Trump renewed military threats against Iran, stating the US would "finish the job" if a deal was not reached. Brent crude oil, the international benchmark, traded above $72 per barrel, though it remained near its lowest levels in over four months. The rising supply of oil has boosted the market recently, with increased vessel traffic through the Strait of Hormuz. However, stalled negotiations between the US and Iran could jeopardize this recovery. Peace talks concluded last week without any apparent progress. A 60-day ceasefire is currently in effect and is due to expire next month, intended to allow space for diplomacy. Trump indicated that the US could "knock down their bridges in one hour" and "knock out their energy supply," noting that Iran currently has no financial support from the US. In response, Iran's Supreme National Security Council Secretary Mohammad Baqer Zolqadr dismissed Trump's threats as "delusional."