Rolling coverage of the latest economic and financial news
- Latest: Brent crude over $69 on supply worries
- Introduction: Saudi attack drove oil price up
- WeWork IPO shelved
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.
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: