Oil price shock leaves markets on edge – business live

Rolling coverage of the latest economic and financial news

1.25pm BST

Earlier today Iran’s supreme leader ruled out negotiations with the US “at any level”, claiming that Donald Trump’s Middle East strategy was “worthless”.

Ayatollah Ali Khamenei said the US adopted a policy of “maximum pressure” on Iran because it believes it cannot bring the Islamic republic to its knees through other means.

The leader was speaking after devastating drone attacks at the weekend that halved oil output of Iran’s regional arch-rival Saudi Arabia – the world’s top crude exporter.

12.54pm BST

The rising tensions in the Middle East, with Iran seizing several oil tankers and Houthi rebels attacking Saudi targets, had already hurt the markets.

Shares have been dropping in Riyadh in recent weeks, and have now lost all this year’s gains:

Saudi Arabian stocks sank after drone strikes highlighted the vulnerability of the kingdom’s oil facilities to terrorist attacks

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Corey Lewandowski’s Testimony Before Congress: What to Expect

Corey Lewandowski’s Testimony Before Congress: What to Expect

Warning of election 'disaster', Israel's Netanyahu battles for survival
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Warning of election ‘disaster’, Israel’s Netanyahu battles for survival