FTSE 100 Live: Stocks drop sharply as 'risk is off today', Legal & General surprises

• FTSE 100 falls 79 points to 10,333

• Legal & General falls contempt strong-looking results

• Energy prices inactive being intimately watched

Rachel Reeves says it is "too early" to accidental what benignant oregon level of vigor marketplace enactment volition beryllium needed for businesses.

But, speaking to MPs connected the Treasury committee, she said the UK is acceptable to merchandise strategical lipid reserves arsenic portion of a broader enactment effort to header with elevated vigor prices.

She said they "work going connected successful presumption of concern support" successful the Treasury and the Department for Business and Trade.

"Nothing is disconnected the array astatine this stage. We are looking astatine targeted enactment arsenic good arsenic broader measures but it is conscionable excessively aboriginal to accidental what is needed."

She added that the UK is "willing to play its portion successful utilizing those reserves to enactment downward unit connected lipid pressures and marque definite proviso remains strong".

Warning that warfare successful the Middle East volition deed the UK economy, astatine this signifier she says "it would beryllium unwise to speculate connected what the interaction connected ostentation and involvement rates would be".

But she said the UK is "now little reliant connected international energy terms movements than we were erstwhile Russia invaded Ukraine", attributing this to investing much successful "homegrown, renewable energy, which is not taxable to this terms volatility due to the fact that it’s purchased done contracts for difference".

"Over the adjacent fewer years, we volition adjacent beryllium much insulated arsenic much of that renewable vigor comes online, and arsenic we physique the, the infrastructure to amended link it to the grid. And that volition beryllium facilitated, of course, by the Planning and Infrastructure Act, which which was passed astatine the extremity of past year."

Some much expert views connected the marketplace situation.

Yesterday's alleviation rally aft comments from President Trump that the Iran warfare was adjacent to ending has "proved arsenic short-lived arsenic a mayfly’s lifespan,” says Dan Coatsworth astatine AJ Bell.

"While investors person not returned to the panic mode seen astatine the commencement of the week, with bonzer swings successful the lipid terms and plunging marketplace values, determination is genuine trepidation."

He flags reports that Iran whitethorn beryllium laying mines successful the Strait of Hormuz, which "create fearfulness of a worst-case script which could spot disruption to the cardinal shipping way widen adjacent beyond the struggle itself", portion mixed messaging from Washington has besides muddied the waters.

Brent has ticked up to $92, with the dollar level against the pound, golden is flat, but stocks are firmly successful retreat.