Oil hits highest level since US-Iran ceasefire began, as conflict hurts Gulf crude production – as it happened

A drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz. Photograph: Mohammed Aty/Reuters

4.41pm BST

Closing post

And finally…the London stock market has closed in the red tonight, just hours after Bank of England deputy governor Sarah Breeden’s warning of a possible correction.

The FTSE 100 share index has closed down 78 points, or 0.75%, at 10,379 points tonight.

Packaging firm Mondi (-11%) was the top faller, after warning that the Iran war was pushing up its costs.

Here are today’s main stories:

Updated at 4.42pm BST

4.21pm BST

Here’s our news story about the US Department of Justice dropping its criminal investigation against Federal Reserve chair Jerome Powell, clearing the path for Donald Trump’s new nominee for chair to be confirmed.