Welcome back to the City AM liveblog. Global markets are strapping in for a return to risk-aversion after the US and Iran traded strikes overnight following the breakdown of a peace deal in the Middle East. The US kicked off its “series of powerful strikes” late Monday night. The nation’s
Samuel Norman
Wednesday 08 July 2026 6:35 am | Updated: Wednesday 08 July 2026 6:37 am
Welcome back to the City AM liveblog.
Global markets are strapping in for a return to risk-aversion after the US and Iran traded strikes overnight following the breakdown of a peace deal in the Middle East.
The US kicked off its “series of powerful strikes” late Monday night. The nation’s Central Command said the attacks on Iran were “to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.”
Hours later, it confirmed that more than 80 targets had been hit across Iran.
The regime in Tehran has vowed to hit back with a “crushing response” as later, Bahrain, which is home to the US Navy’s Fifth Fleet, sounded its missile alert sirens.
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The Islamic Revolutionary Guard Corps said it targeted 85 US military sites across Bahrain and Kuwait as part of its response.
The breakdown of the fragile ceasefire in place, which had been set to expire in August, follows weeks of attempted negotiations on the thornier issues of the conflict, including Iran’s ability to possess a nuclear weapon and the control of the Strait of Hormuz.
Iranian state media also reported overnight there had been “renewed explosions” on Qeshm Island and Kharg Island, with the latter hosting Iran’s main oil terminal in the Persian Gulf.
The return to conflict has sent the price of oil higher with Brent crude – the international benchmark for oil prices – jumping to $76 per barrel from $72 previously.
We’ll be bringing you the latest market updates and analysis.
Here’s a few of our top headlines this morning Read more As it happened: FTSE 100 see-saws amid global jitters as market outlook turns ‘risky and dangerous’
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