Welcome back to the City AM FTSE 100 liveblog. Oil hit a two-month high on Thursday, after reaching $100 for the first time since May. Brent crude oil prices surged following attacks by the Houthis, an Iran-backed militia based in Yemen, on two Saudi Arabian tankers. The recent surge in energy pricing
Felix Armstrong
Friday 24 July 2026 6:30 am | Updated: Thursday 23 July 2026 10:23 pm
Welcome back to the City AM FTSE 100 liveblog.
Oil hit a two-month high on Thursday, after reaching $100 for the first time since May. Brent crude oil prices surged following attacks by the Houthis, an Iran-backed militia based in Yemen, on two Saudi Arabian tankers.
The recent surge in energy pricing has brought markets back to where they were in March when the US and Israel launched attacks on Iran. The last time Brent crude traded at $100 was in late May.
Attacks by the Houthis over the Red Sea prompted Trump to issue new threats to Iran as he said he would hold the country “responsible” for the re-emergence of war in the Middle East. Trump added that “major military punishment” would come for Iran given the militia was backed by Iran. The US launched strikes on Iran for the 12th consecutive night.
The rise in oil prices threatens Andy Burnham’s cost-of-living drive, as he sets out measures he says will give UK households “breathing space”. This agenda will face another test on Thursday morning, when June’s retail sales statistics are revealed.
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Retail sales are set to slow from 3.2 per cent growth in May to 2.3 per cent in June. This index is an important indicator of consumer spending, and a slowdown would provide the latest signal that Brits are feeling the squeeze.
We’ll be bringing you the latest market updates and analysis as the day develops.
This morning’s top stories: Read more Burnham’s cost of living push under threat as oil hits $100
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