Wednesday 10 June 2026 6:28 am
| Updated:
Wednesday 10 June 2026 10:32 am
Trump has vowed to hit back at Iran. (AP Photo/Mark Schiefelbein)
Good morning and welcome back to the City AM liveblog.
Markets were not getting too excited at the beginning of this week when Donald Trump said a peace deal with Iran was “very close”.
And last night’s exchange of strikes might explain why. The US has said its completed a series of strikes against Iran in response to its claim that Iran had launched a drone attack on a helicopter resulting in a rescue mission for two members.
The US has framed its strikes as “a proportional response” for the helicopter downing, whilst Iran’s Islamic Revolutionary Guard Corps (IRGC) described the attacks as “vicious”.
Neil Wilson, UK investor strategist at Saxo Markets, said: “Signs of progress on US-Iran talks may have been less impactful than signs of ships navigating the Strait of Hormuz, with US energy secretary Wright saying ship tariff through the passage was increasing ‘very meaningfully’.
“But then we’ve had a downed US helicopter and ‘defensive’ retaliation and it suddenly doesn’t look so great a picture – yet oil prices have barely moved higher.”
Amidst this, markets are fighting wobbles on several fields with another tech sell-off rocking Asia overnight and US markets left closing in the red whilst investors await the latest US inflation print. Wilson said the outlook looks “risky and dangerous for equities”.
“Volatility is back – downside moves are going to become more aggressive, forcing equity markets lower but buy-the-dip will continue to exert a powerful check on the downside moves,” he added.
We’ll be bringing you the latest reaction to these moves and more.
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