Business news live: Oil prices drop sharply as ceasefire announced, FTSE 100 opens higher
After a recent surge to as much as $80 a barrel, the price of Brent Crude Oil has dropped back sharply on news of a ceasefire between Israel and Iran. Escalating Middle East tensions had seen markets concerned over the prospect of a wider war breaking out and the Strait of Hormuz being closed, which would in turn restrict flow and send oil prices even higher.
Stock markets are also set to react positively to the news, with the FTSE 100 up after opening and US stocks set to follow suit later today. Overnight, Asian stock markets had a similar reaction, the Hang Seng ending more than 2 per cent up, while in Europe the likes of the German DAX and French CAC 40 are both rising on the day.
Elsewhere, we're also expecting further information on the UK government's Industrial Strategy, with business organisations so far reacting in mixed fashion.
FTSE 100 and US stocks set to rise after ceasefire news
The FTSE 100 will rise around 0.5 per cent when it opens shortly, as investors greet the news of a ceasefire warmly.
While US stocks won't open until afternoon as usual, they are also poised for sharp rises.
The S&P 500 is showing a 1 per cent uplift already, with 1.3 per cent for the Nasdaq.
Karl Matchett24 June 2025 07:56
Oil price drops almost 5% after ceasefire news
Upon news of Donald Trump saying Israel and Iran have agreed a ceasefire which is 'now in effect', oil prices have fallen dramatically.
Brent Crude Oil has dropped by 4.9 per cent, back down to below $68, having tipped past $80 only two days ago.
Rising oil prices affect not just fuel costs, but also transport, energy and production costs as well as placing an inflationary factor on economies.
Other than a few weeks prior to this Middle East escalation, this is the lowest price of Brent since mid-2021.
Karl Matchett24 June 2025 07:54
UK Industrial Strategy
We're hoping to hear more over the coming days on the UK's new Industrial Strategy.
Yesterday, comments and reaction ranged from delighted at there actually being one, to dismay at certain sectors being overlooked in it.
The Food and Drink Federation (FDF) are one such example where certain parts of the workforce overlap certain areas...but it wasn't an announcement which specifically talks about which sectors play what role in the planned investment.
'Food and drink manufacturing plays a vital role in ensuring the nation's food security, provides 500,000 high-quality jobs in every UK region, and contributes £37bn to our economy. It's clear that government has ambitions for Advanced Manufacturing, and we look forward to seeing how this will translate to supporting the growth of the UK's largest manufacturing sector – food and drink,' read the FDF's statement.
Karl Matchett24 June 2025 07:20
Tuesday's business and stock markets news - live
Good morning one and all - it's another day and time to take a look at the upcoming news for Tuesday in the world of business and finance.
There isn't much in the way of economic data to look forward to this week - though that was last week's big focus - so it's companies, markets and commodities which will dictate investor sentiment and risk.
Oh, and Donald Trump, the US, Iran, Israel and anybody else getting involved in Middle East tensions.
Karl Matchett24 June 2025 07:00
FTSE 100 and European markets finish down
At the close of play today, the FTSE 100 has closed in the red, 0.17 per cent down.
That's less than some of the European indices, with the DAX 0.3 per cent down and France's CAC 40 stood at -0.65 per cent.
By contrast, US stocks are rising at the start of the day, with the S&P 500 up 0.37 per cent.
Perhaps that positive sentiment will filter through to Europe tomorrow...depending on what happens overnight, of course.
That's it for our rolling business coverage today - we'll be back at 7am on Tuesday to bring you plenty more. See you then.
Karl Matchett23 June 2025 16:40
Gold prices rising again
Lots of focus on oil, but don't forget the key bellweather commodity - gold.
Having dipped somewhat recently after reaching record levels, gold is back on the rise over the past few days and is up 0.47 per cent today.
The price of $3401 is some way of mid-June's $3460-plus level, but it's worth keeping an eye on.
Karl Matchett23 June 2025 16:19
Investment into UK renewables drops
An investigation by EY has found that investment into projects in the green energy and utilities sector in the UK dropped sharply last year.
UK had previously been Europe's leader in that regard, but France overtook the UK following a 57 per cent drop.
While a big surge in 2023 investment partly contributed to that, it will still be seen as a blow as the government tries to push for investment into projects which serve the decarbonisation agenda.
Karl Matchett23 June 2025 16:04
Karl Matchett23 June 2025 15:44
Oil prices latest: Brent start to drop
Earlier, Brent Oil had risen several percent before giving back those gains. Fast forward to this afternoon and Brent's price is at -0.1 per cent for the day, down to just below $77.
Markets just starting perhaps to feel the chances of a full Strait of Hormuz closure might not be the outcome?
Karl Matchett23 June 2025 15:10
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