Oil shrugs off Trump’s latest Iran extension; UK consumers feel ‘ripple of fear’ from the conflict – business live

Rolling coverage of the latest economic and financial news Middle East crisis live: Trump pausing strikes on Iran energy sites; Houthis say ‘no reason’ to halt Red Sea shipping Trump’s new 10-day extension for Iran came shortly after Wall Street posted its biggest daily loss since the Iran war began. Michael Brown, senior research strategist at Pepperstone, suspects the US stock market fell close to the White House’s ‘pain threshold’: Call me a cynic, but the latest ‘TACO’ coming just eleven minutes after the S&P had closed out its worst day since the conflict began, having notched a loss of 1.7% on the day, is surely not a coincidence. Yet again, this shows us that not only is Trump still receptive to pressure from financial markets, but that we are also still very, very close to the Admin’s pain threshold. Put even more simply, 6,500 in spoos is the strike price for the ‘Trump Put’. “A ripple of fear is spreading as is evident from the six-point fall in perceptions of the general economic situation over the next 12 months.” Continue reading...

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