- Oil prices surged, with Brent crude rising over 7% to $102 a barrel, after Donald Trump announced plans to blockade Iranian ports following the collapse of ceasefire talks.
- The increase reversed a recent dip below $100, which occurred during a two-week ceasefire agreement between the US and Iran that had reopened the critical Strait of Hormuz shipping route.
- Donald Trump's threat to blockade all Iranian ports came after peace negotiations mediated by Pakistan failed, with Iran threatening retaliation and both sides blaming each other for the breakdown.
- Prime Minister Sir Keir Starmer confirmed that the United Kingdom would not join the proposed blockade of Iranian ports.
- Global stock markets, including the FTSE 100, Dax, and Cac 40, experienced declines, with airlines like British Airways owner IAG, Wizz Air, and easyJet particularly affected by concerns over deepening jet fuel costs and supply issues.
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