The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid rising geopolitical tensions in the Middle East, the UK's FTSE 100 index declined. According to reports, the index fell following an attack on the Strait of Hormuz and a wave of technical selling, with the incident heightening investor concerns over crude oil supply disruptions.
Meanwhile, crude oil prices jumped 3% to above $84 a barrel after the attack, according to market data. Data also showed the UK Services PMI slipped to 48.7 in June, below the forecast of 50.5, adding further pressure on the market.
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Sign InInvestors are monitoring developments in the Strait of Hormuz and any potential military responses that could lead to further escalation. Markets are also awaiting UK GDP data due next week to assess the economic recovery trajectory.