Welcome back to the City AM liveblog. The UK is set to receive its latest GDP figures for the Month of May with the impact of the US-Iran war expected to choke economic growth following pressure on industries from the global energy shock. A poll of City economists by Bloomberg
Samuel Norman
Thursday 16 July 2026 6:34 am
Welcome back to the City AM liveblog.
The UK is set to receive its latest GDP figures for the Month of May with the impact of the US-Iran war expected to choke economic growth following pressure on industries from the global energy shock.
A poll of City economists by Bloomberg are forecasting the UK economy flatlined in May.
The fresh data comes ahead of the first ceasefire agreement between Trump and Iran coming into effect.
But the agreement has since being dropped in a move that threatens to reignite economic turmoil across the globe.
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Brent crude – the international benchmark for oil prices – fluctuated around the $85 per barrel mark, staying close to one-month highs on Thursday morning after the US ramped up its military campaign against Iran.
The US forces carried out fresh airstrikes that targeted Iranian missile storage facilities and launch sites near the strategic waterway.
Asked whether he would give a new deadline for a peace deal, Trump said: “I don’t like giving deadlines, but they pretty much know, they know the story… they better behave.”
He later claimed: “They want to settle so badly. They don’t like what we’re doing… we’ll find out whether we want to settle with them or if we just finish it off.”
Iran’s top negotiator, Mohammad Bagher Ghalibaf, told the country’s state media that Iran’s national security depended on Tehran maintaining “Iranian arrangements” in the Strait of Hormuz, which has remained a top area of contention throughout peace talks.
We’ll be bringing you the latest market updates and analysis.
Here’s a few of our top stories this morning Read more As it happened: Stocks sink after Fed and Bank of England opt for hawkish hold; Oil price tumbles
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