The FTSE 100 (^FTSE) jumped on Tuesday morning, after US president Donald Trump said that the war with Iran could be over “very soon“.
Trump said in a press conference in Florida on Monday that “we’re ahead of our initial timeline by a lot”. Earlier, a phone interview with CBS, the president said: “I think the war is very complete, pretty much.”
At the same time, Iran’s Revolutionary Guards, also known as the IRGC, said on Tuesday that it would not allow one litre of oil” to be exported from the Middle East if US and Israeli attacks continue, according to a Reuters report.
In addition, the IRGC reportedly said: “We are the ones who will determine the end of the war.”
Trump later said in a post on Truth Social: “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”
Despite lingering uncertainty, Trump’s comments on Monday appear to have eased concerns of a longer-term conflict, which has driven oil prices lower. Brent crude futures (BZ=F) were down 6.7% at the time of writing to $87.45 a barrel.
-
London’s benchmark index (^FTSE) surged 1.5% to 10,401 in early European trading
-
Germany’s DAX (^GDAXI) soared 2.3% and the CAC (^FCHI) in Paris was up 1.9%
-
The pan-European STOXX 600 (^STOXX) jumped 2%
-
In the US, futures linked to the Dow Jones Industrial Average (YM=F) rose 0.4%. Contracts on the S&P 500 (ES=F) advanced 0.4%, and futures for the Nasdaq 100 (NQ=F) were up 0.6%
-
The pound was 0.2% higher against the US dollar (GBPUSD=X) at 1.3459
Follow along for live updates throughout the day:
LIVE 2 updates
Download the Yahoo Finance app, available for Apple and Android.