FTSE 100

The FTSE 100 is pressing against its all-time high of 10,934.94 — a clean break above this level would constitute a major technical breakout with no overhead resistance, opening the path to 11,200+.

The FTSE 100 at 10,900.90 is within striking distance of its all-time high of 10,934.94, supported by easing US-Iran tensions, a BoE base rate at 3.75%, and positive fiscal messaging from the new UK Chancellor.

Main Risk

Oil price reversal / US-Iran tension re-escalation

Brent crude has fallen sharply from above $100 to ~$78.50, a relief tailwind for UK equities; any re-escalation of US-Iran conflict that spikes oil back above $95 would pressure margins and consumer sentiment, threatening the current rally.