Oil Prices Rise as Strait of Hormuz Attacks Threaten Shipping, FTSE Likely to Slip
Brent crude crossed $101 a barrel after recent tanker attacks in the Strait of Hormuz, prompting expectations of lower FTSE 100 performance.
Brent crude, the global oil benchmark, rose past $101 per barrel after intensified attacks on merchant vessels in the Strait of Hormuz over recent days. The UK Maritime Trade Operations recorded nine such incidents during one outlet month, highlighting growing security concerns for maritime trade. Meanwhile, a Saudi-led coalition announced it had shot down a ballistic missile launched by the Houthi movement toward the Saudi city of Khamis Mushait.
These developments have pushed oil prices higher, creating pressure on the UK stock market, with the FTSE 100 expected to decline as investors adjust to rising energy costs. The liveblog will continue to track the impact on the London Stock Exchange and broader business news throughout the day.
Why it matters
Higher oil prices and shipping threats can depress UK market performance and affect global trade costs.
How this story developed
- Sep 14 US claims Hormuz traffic improving as oil prices surge amid regional attacks
- Sep 21 Fire on the tanker was extinguished after the projectile strike.
- Sep 23 A cargo ship was struck by an unknown projectile, igniting a fire and forcing crew evacuation.
- Sep 24 Saudi Arabia, the UAE and other Gulf producers have rerouted oil through spare pipeline capacity and a U.S.-protected corridor, keeping global supply steady despite higher prices.
- Oct 3 A second tanker was hit east of Oman, adding to the earlier incident in the strait.
- Oct 5 The G7 announced a release of diesel and crude from emergency reserves.
- Oct 5 A U.S. naval blockade has caused a backlog of hundreds of trucks at the Gürbulak crossing, with waits up to five days.
- Oct 5 President Trump said Ukraine’s strikes on Russian refineries and energy actions in Democratic-led states are driving up fuel costs.
- Oct 6 Trump shifted focus from the Iran conflict to Ukraine attacks and Democratic‑state refinery closures as the explanation for higher gas prices.
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