FTSE 100 closes near record high, and oil price falls, on reports Iran seeks talks with Israel – as it happened

The FTSE 100 has crept closer to a new closing high today, but fallen just short, as investors’ anxiety over the Middle East crisis faded today.London’s index of leading blue-chip shares has ended the day up 24.5 points, or 0.28%, at 8875 points. That leaves the FTSE 100 slightly short of the record closing high, 8884

Iran and Israel crisis: what does it mean for the price of oil?

The escalating crisis between Israel and Iran has already triggered the largest single-day oil price surge in the last three years, and the question for many is how much higher the oil markets might climb.The price of Brent crude has jumped by about $10 a barrel since the start of June to a high of $78 a barrel on Friday, amid growing concerns that the conflict could wipe out Iran’s oil exports or cut flows of crude from the wider Middle East region to the global market.For now, oil prices have cooled to about $72 a barrel and remain well below the peak of $115 a barrel following the invasion of Ukraine by Russia, which is one of the world’s biggest oil and gas exporters.But banks and market forecasters have warned that the trajectory of oil prices will depend on how far the unfolding military and humanitarian crisis between Israel and Iran escalates.At the upper end, oil prices could spiral to $120 a barrel, according to analysts at Deutsche Bank, surpassing the highs reached in the wake of the Ukraine crisis

Middle East crisis risks igniting inflation. Here are the markets to watch out for in Australia

The escalating conflict between Israel and Iran has put global markets on edge, as the risk of a disruption to global oil supplies rises and inflation threatens to reignite.Investors have started to reprice a range of products, from gold and currencies to oil prices and stocks, amid fears a broader Middle East conflict could take hold.Here are four market movements to watch out for.Over the past couple of weeks, oil has climbed from $US62 a barrel to about $US74, reversing a trend that had eased cost-of-living pressures for many households.Motorists could be paying up to an extra 12c a litre for petrol if the recent jump in oil prices is maintained, according to the chief economist at AMP, Shane Oliver

British Steel’s Chinese owners weigh attempt to recover millions in debts

The Chinese owners of British Steel are gearing up to try to recover hundreds of millions of pounds of loans from the company after the UK government took over its operations.Jingye Group said it was assessing the chances of recovering hundreds of millions of pounds in debts owed to it by British Steel, and is thought to have engaged advisers at the accountancy firm PwC to work out a valuation for the business.The Labour government took control of British Steel’s operations in April with emergency legislation after it became concerned that Jingye was planning to let blast furnaces at Scunthorpe cool. That would have led to 2,700 immediate job cuts as well as the symbolic loss of Britain’s ability to make steel from iron ore.Jingye is still the legal owner of British Steel, despite the takeover

Metro Bank shares surge on talk of private equity takeover

Metro Bank shares have surged to a two year-high after news of a takeover approach by a London private equity firm that could create uncertainty for customers and staff.It emerged over the weekend that Pollen Street Capital has sounded out Metro bosses over a potential deal, which could take the listed lender off the London Stock Exchange and back into private hands.The rumours have also sparked speculation that Metro would ultimately be merged with another of Pollen’s companies, the specialist business lender Shawbrook.The news sent Metro Bank shares up by more than 15% to a high of 130p on Monday.A private equity takeover and potential merger would create further uncertainty for the bank’s employees, who have just emerged from a cost-cutting programme that resulted in roughly 1,000 job losses

UK petrol prices poised to rise as Israel-Iran conflict pushes up cost of oil

Britons are braced for higher prices at the pumps after a rise in oil prices caused by the conflict between Israel and Iran in recent days.Oil prices climbed in early trading on Monday as traders worried about the risks of a broader regional military conflict, which could disrupt supplies.Iran is a big oil producer, and accounts for about 3% of global supplies.As the conflict entered its fourth day, Brent crude rose by 0.5% in early trading, pushing towards $75 a barrel, while US crude rose by 0