FTSE LIVE: Oil prices rocket after Saudi drone attack; Eddie Stobart warns on profits; Aldi to double London store count as sales spike
- Oil prices spiked by up to 20% overnight after attack on a major Saudi oil facility
- Eddie Stobart Logistics has warned profits will be ‘significantly below’ forecasts
- Aldi to increase store numbers inside the M25 from 45 to 100 by the end of 2025
‘It’s been some start to the week,’ says Craig Erlam from Oanda, as oil prices spiked by up to 20 per cent at one point on the back of an attack on a major Saudi oil facility.
The unexpected drone strike wiped out around half of Saudi Arabia’s production, or 5 per cent of global daily output.
‘Spikes in oil prices when the global economy is already flirting with the idea of recession is not ideal and, if repeated and sustained, could ultimately be what tips us over the edge,’ Erlam warns.
Meanwhile, troubled haulage firm Eddie Stobart Logistics has warned that annual profits will be ‘significantly below’ expectations after a poor first half of the year.
And discount supermarket Aldi has unveiled plans to double its store footprint inside the M25 after annual sales jumped 11 per cent.
The FTSE 100 was in the red at the open today – down 0.2% at 7,352.41 as tensions mount