As shown in the accompanying table, markets closed the week on a mixed footing.
With economic data relatively light and investors awaiting the start of the second-quarter earnings season, it had been shaping up to be a relatively quiet week. However, markets were once again forced to navigate a fresh bout of geopolitical uncertainty as tensions between the United States and Iran intensified.

This week, attention turned to comments from President Donald Trump, who threatened to reinstate restrictions targeting Iranian oil exports and proposed imposing a 20% toll on vessels transiting the Strait of Hormuz. The remarks raised concerns over potential supply disruptions and were enough to send brent crude oil futures up to $87 dollars per barrel. Despite the rally in energy prices, equity markets remained resilient, supported by a softer-than-expected US inflation report.

A lack of understanding around pensions continues to undermine retirement confidence among UK workers, with new research from financial wellbeing and retirement specialist WEALTH at work revealing growing gaps in knowledge.

More than a third (38%) of UK employees with a defined contribution pension fear they will never be able to afford to retire due to the impact of increased living costs, according to new research from financial wellbeing and retirement specialist WEALTH at work.