FTSE 100

Key insight

The index is within striking distance of its all-time high at 10,934, but a renewed oil price spike — Brent hit $100+ just last week on Iran tensions — remains the single biggest threat to this bull run.

The FTSE 100 is consolidating at 10,772 — just 1.5% below its all-time high of 10,934 — after a geopolitical relief rally faded with today's -0.27% pullback, while the BoE's 3.75% rate holds as the dominant macro anchor.

Main risk

US-Iran Conflict Re-escalation & Brent Crude Spike

Brent crude surged above $100/barrel on 23 July before retreating; any breakdown of the weekend ceasefire pause would reverse the oil-driven relief rally and pressure energy-heavy FTSE 100 constituents from both sides.