FTSE 100 Live: Stocks up on defence investment and metals boost

Oil’s speed of decline has taken a hit this week as investors were forced to pause at the renewal of strike action between the US and Iran.

Brent crude – the international benchmark for oil prices – was steadying above $73 per barrel, holding onto some of the modest gains it made in the previous session.

Peace talks are set to resume in Doha as mixed signals persist over the thornier details of a deal between the two nations. But these too are clouded in uncertainty with Iran’s foreign ministry claiming no talks have been scheduled for the coming days.

On Sunday, Iran said it had carried out a missile and drone operation that targeted US military sites in Kuwait and Bahrain as it warned further escalations would receive a “crushing response”

It follows the US saying over the weekend it had carried out strikes against multiple targets in Iran as a response to the regime attacking a merchant vessel in the Strait of Hormuz.

Donald Trump said the strikes reflected Iran “violating the ceasefire” and warned “there may come a point when we are no longer able to be reasonable”.

Still, despite the growing agitation, Brent crude remains on track for a near 20 per cent decline this month and 23 per cent for the quarter, as investors bet on peace efforts and expect the oil market flow once more.

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