Oil tops $115 for the first time since May as tanker attacks in the Strait of Hormuz fuel inflation fears

UK retail sales volumes declined by 0.4% in September, four times steeper than the 0.1% fall economists had forecast. The FTSE 100 closed at 10,690.36 on Friday, snapping a two-week winning run and leaving the index 1.8% lower on the week. Oil majors were among the gainers, with BP rising 4.35% and Shell 3.72%. With inflation running at 3.5%, the figures pile pressure on John Healey ahead of his Budget on 28 October.

Iran's Revolutionary Guards say seven oil tankers were damaged in the Strait of Hormuz overnight.

Attacks on shipping are at their highest since the opening weeks of the war in March.