FTSE 100 slides as banks and telecoms drag index down while markets hold breath over US-Iran talks

From the Newshound archive · first published 23 September 2026.

London's benchmark index ended lower on Wednesday after banking and telecoms stocks dragged it into the red, with investors unwilling to commit as US-Iran diplomatic talks at the UN General Assembly hung in the balance. Energy sentiment retreated on hopes of improving oil flows through the Strait of Hormuz. The day before, the index had climbed on optimism over the same negotiations, underlining how sharply market mood is swinging on every development in the talks.

Oil prices dipped on hopes that US-Iran diplomacy could ease pressure on Strait of Hormuz supply routes.

Consumer and defensive stocks offered some support, limiting deeper losses as traders awaited clearer signals from New York.