FTSE 100 slides 1.8% in a week after oil hits a five-month high and retail sales slump before Healey's Budget

From the Newshound archive · first published 24 October 2026.

Consumer confidence suffered its sharpest October drop since the early pandemic months. ONS data showed September retail sales volumes fell 0.4%, four times the 0.1% economists forecast. Brent crude topped $115 a barrel on Middle East supply fears. With inflation at 3.5%, pressure is mounting on John Healey's Budget, due on Wednesday 28 October.

Oil jumped on reports the US and Israel are weighing new Iran strikes after the midterms.

Bank of America warned markets are 'increasingly unwilling to fund the AI infrastructure build-out'.