Closing post
Time to wrap up…
The UK’s share index has ended the day at its lowest closing point since late August, as geopolitical worries hit equity markets.
The FTSE 100 fell 1.3% today, its biggest one-day fall in over two months.
But oil posted its second weekly rise in a row, on fears of supply disruption in the Middle East.
UK long-term government bond prices weakened, with the yield on 30-year gilts hitting a 25-year high over 5.1%
Here’s today’s main stories:
Global oil market prices have climbed for two consecutive weeks since Hamas launched its shock attack on Israeli civilians on 7 October.
The deadly offensive sent tremors through the oil markets, causing prices to climb to $94 (£77) a barrel. It also reignited fears among oil traders and economists that markets could breach the $100 a barrel mark.
Many worry an escalation of tensions in the region could drive oil prices far higher by choking a key transit route for seaborne cargoes of oil and gas from the Middle East to the global market – threatening efforts by central bankers to tame high inflation.
Here’s our full explanation of what’s happening in the oil market:
