Welcome back to the City AM liveblog. The rate of traffic flowing through the Strait of Hormuz is gradually picking back up in a major boost to the oil market. Brent crude – the international benchmark for oil prices – held steady at near $72 per barrel on Friday morning.
Samuel Norman
Friday 03 July 2026 6:37 am | Updated: Friday 03 July 2026 6:38 am
Welcome back to the City AM liveblog.
The rate of traffic flowing through the Strait of Hormuz is gradually picking back up in a major boost to the oil market.
Brent crude – the international benchmark for oil prices – held steady at near $72 per barrel on Friday morning. It marked a similar level to that seen before the war in the Middle East broke out in late February and shipping routes for oil were completely disrupted.
Saudi Arabia’s crude exports have also rebounded to near 90 per cent of its pre-war levels in another boost to the market. The UAE has also restored exports to previous highs by routing tankers through the Strait of Hormuz without drawing any attention.
But this has come with some tension after Iran’s joint military command issued a stern warning that all oil tankers moving through the Strait of Hormuz must use its approved routes or face a “forceful response.”
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In a statement aired on Iranian state television, the Khatam al-Anbiya military said: “Any failure to comply, deviation from the designated route, or disregard for the navigation protocols of the Islamic Republic of Iran in the Strait of Hormuz will be met with an immediate and forceful response from the armed forces, endangering the security of the violating vessels.”
The reasoning behind the threat was not immediately clear. It added the continued presence of US fighter jets over the strait “causes insecurity in this waterway and threatens regional security.”
Meanwhile, Donald Trump has told reporters that the “denuclearisation of Iran is moving along well” following “very good meetings” in Qatar. The comments follow jitters racing across global markets as reports emerged that Trump had been briefed on an option to return to all-out war.
We’ll be be bringing you the latest market reaction and analysis.
Here’s a few of our top headlines this morning Read more As it happened: Stocks rally after US jobs report; Oil tumbles to pre-Iran war levels
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