FTSE 100 Live: Stocks slide as Strait of Hormuz comes under threat

Welcome back to City AM‘s FTSE 100 liveblog.

Oil is treading this morning as tensions in the Middle East offset a rise in supply.

Brent crude – the international benchmark for oil prices – tipped over $101 per barrel on Wednesday morning following intensified attacks on tankers in the Strait of Hormuz in recent days.

The UK Maritime Trade Operations has recorded nine incidents so far this month. Meanwhile, a Saudi-led coalition said it had intercepted and destroyed a ballistic missile launched by the Houthis toward Khamis Mushait in Saudi Arabia.

Stick with us throughout the day for the latest news from the London Stock Exchange and the wider business world, as soon as we get it.

Here’s a look at some of our top headlines:

• Emerging markets buck investor woes as equity funds shunned
• Badenoch says next election is ‘battle for the soul of this nation’
• UK AI health rules could give firms ‘competitive edge’ as ministers back overhaul
• KPMG Australia seeks $100m bailout from parent group after scandal
• Badenoch to offer tax cuts as Tories pitch ‘credible alternative’ to Labour