FTSE 100

Key insight

Today's oil pullback from $100+ to ~$97 (Brent) delivered a temporary relief rally to 10,736 close, but IG's Chris Beauchamp warns this is a "temporary respite" — Iran ceasefire talks remain absent and a packed FTSE 100 earnings week ahead could swing the index sharply in either direction.

The FTSE 100 is caught between a bullish UK PMI/retail sales beat and persistent headwinds from fresh US tariffs on 60 nations and ongoing US-Iran military escalation keeping Brent near $97, with the index struggling to sustain a break above the key 10,750 July swing high resistance.

Main risk

US-Iran Military Escalation & Strait of Hormuz Closure Risk

Trump has signalled a 'massive attack on Iran, bigger than ever before' — any confirmed Strait of Hormuz blockage would spike Brent back above $100, crushing consumer and industrial FTSE 100 names while squeezing BoE rate-cut expectations.