- Oil prices and financial markets recovered after President Donald Trump announced a five-day pause in US strikes against Iranian energy infrastructure for talks.
- Brent crude fell by approximately 8 per cent to just under $104 a barrel, having previously reached $114, following Mr Trump's post on Truth Social.
- London's FTSE 100 Index, along with Germany's Dax and France's Cac 40, reversed earlier steep losses, rallying on hopes of a resolution to the conflict.
- The US president had issued a 48-hour deadline for Iran to release its grip on the Strait of Hormuz, threatening attacks on power stations, which Iran vowed to retaliate against.
- Prime Minister Sir Keir Starmer is chairing an emergency Cobra meeting after discussing with Mr Trump the essential need to reopen the Strait of Hormuz for global energy market stability.
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