As it happened: FTSE 100 loses steam; oil up as US considers Iran strikes

Welcome to City AM‘s FTSE 100 liveblog.

It’s Friday morning and stocks are set to open higher. Oil prices are on the march this morning, up above $112 per barrel after dropping on Thursday afternoon.

This follows news that a senior US commander has briefed Trump on his options for resuming its assault on Iran following the midterms.

Here’s a few of our top headlines this morning:

• Rising welfare bill set to ‘swallow’ stealth tax revenue
• Manchester United director Glazer donates $220,000 to Trump ahead of midterms
• How Labour’s assault on landlords is driving up London rents
• Weil’s ‘Titanic’ ordeal rocks firm’s London lawyers
• Poundland on brink of collapse as it files notice to appoint administrators