FTSE 100 share index falls into correction territory as Trump’s Iran ultimatum rocks markets; four UK interest rate rises expected this year – business live

Rolling coverage of the latest economic and financial news

Middle East crisis live: Starmer calls emergency meeting on UK economy; IEA open to releasing more oil stocks

Starmer adviser urges ministers to look at profits cap for energy and petrol firms

Wholesale gas prices in Europe have jumped in early trading.

The UK month-ahead gas prices is up 3.1% at 155p per therm, nearly double their levels before the Iran conflict began.