Welcome back to the liveblog.

Donald Trump has said the US has engaged in “productive discussions” with Iran and would refrain from attacking the country before the midterm elections, bringing relief to the oil market.

It’s taken the price of Brent crude back slightly, though it has remained around $103 per barrel after surging as much as 5.7 per cent on Thursday after Tehran intensified attacks on tankers navigating the Strait of Hormuz.

This has also kept the pressure on the bond market with gilt yields climbing again in a blow to the government’s borrowing cost and Treasury’s fiscal headroom.

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