Rolling coverage of the latest economic and financial news
The rise in the oil price is strengthening this morning, with Brent crude – the international benchmark – now up 1.9% to $97.79 a barrel.
There is a cautious mood this morning in the European stock market, with some small rises across the board.
Ahead of planned talks this weekend between the warring parties on a possible permanent solution, there clearly remains much to iron out. Most notably, Iran is maintaining its control of the strait of Hormuz, with reports suggesting that the passage remains effectively closed with only bulk carriers carrying dry cargo, rather than oil, getting through.
At the same time, the US military is maintaining its presence in the region, although more positively Israel has opened the door to negotiations with Lebanon, after Iran had called the ongoing attacks a violation of the ceasefire agreement.
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