Good morning and welcome back to the City AM liveblog. After a relief rally on Monday, some tensions are returning to the market as Donald Trump threatens to give the American military the order to restart its bombing of the Middle East if Iran doesn’t “give what has been agreed
Samuel Norman
Thursday 07 May 2026 6:30 am | Updated: Thursday 07 May 2026 6:22 am
Good morning and welcome back to the City AM liveblog.
After a relief rally on Monday, some tensions are returning to the market as Donald Trump threatens to give the American military the order to restart its bombing of the Middle East if Iran doesn’t “give what has been agreed to”.
Trump has said should Iran follow through on a deal the war “will be at an end” and the Strait of Hormuz will be “OPEN TO ALL, including Iran”.
The mixed messages have sent Brent crude – the international bench mark for oil prices – back over the $100 mark.
It follows hopes that the conflict in the Middle East might finally be drawing to a close bringing a much-needed relief rally to global stocks on Tuesday.
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Brent crude was able to slip under $100 after Donald Trump predicted the war in Iran would be “over quickly”. He added most people “understand” the central goal of ending Tehran’s nuclear ambitions.
Trump said on Tuesday that the US would hit pause on its naval escort mission in the Strait of Hormuz as negotiations kicked off once more.
Iran’s top negotiator Mohammad Bagher Ghalibaf has accused Washington of seeking Tehran’s surrender through using the blockade to cause “economic pressure and media manipulation”.
But the Iranian foreign minister has said Iran is considering the US plan for a peace deal.
“The US plan and proposal are still being reviewed by Iran, and Iran will convey its views to the Pakistani side after concluding its assessment,” Esmaeil Baghaei told ISNA, Iran’s semiofficial news agency.
Here’s a few of our top headlines this morning Read more FTSE 100 Live: Stocks drop as oil holds firm over $110; UK growth slashed
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