FX.co ★ FTSE 100 Drops to May Lows

The FTSE 100 slipped to 10,300 points on Thursday, its lowest level since mid-May, as investors responded to mixed signals from the Middle East. Brent crude fell below $97 a barrel, offering some relief on inflation after the US announced a ceasefire deal between Israel and Lebanon. However, geopolitical tensions remained elevated: Israeli Prime Minister Benjamin Netanyahu warned of possible additional strikes, and Iran claimed it had targeted a US command ship in the Gulf of Oman. In Washington, the Republican-controlled House voted to block US military action against Iran, a largely symbolic rebuke to President Trump’s administration. On the domestic economic front, UK new car registrations rose 7.1% year-on-year in May to 160,662 units, the strongest performance for that month since 2019.