Trump threatens to ‘take the oil in Iran’

Good morning and welcome back to the City AM liveblog.

In a fresh escalation of the conflict in the Middle East, Donald Trump has said that he wants to “take the oil in Iran”.

In an interview with the Financial Times, the US President said that he hopes to have a similar level of control over Iranian oil as he does over Venezuela.

The price of Brent crude oil is up again this morning, above $115 again.

Maritime expert Lars Jensen told The Times that the impact of this oil shock is set to be “substantially larger” than that seen in the 1970s.

Jensen said: “Even if the Strait of Hormuz opened tomorrow there would be six to 12 months of higher prices.”

On the agenda closer to home, Boohoo has results out this morning, whilst the finance chiefs at both Robert Walters and Fullers are stepping down.

Here are a few of our top stories heading into this morning:

– Reeves and Miliband to call on G7 to follow UK’s energy lead

– Housebuying demand falls as Iran war spikes mortgage rates

– For FSCS sake: Meet the body that protects Britain’s savers in a financial crisis

– Arbuthnot chief: High street banks’ push into wealth is no threat

– Top energy and City bosses called for summit with Starmer as oil surges

– ‘No need to take action’ on fuel duty, says Labour minister