Oil price falls despite Middle East tensions; Tesla ‘to cut 10% of staff’; Goldman Sachs profits jump – as it happened

Brent crude dips to $90 per barrel as markets monitor Israel-Iran, while 14,000 jobs could be cut at Tesla

• Middle East crisis live: Israel calls for new sanctions on Iran at heated UN security council meeting
• Tesla to cut 14,000 jobs as Elon Musk bids to make it lean, innovative and hungry'

After 90 minutes trading, London's stock market is lagging behind the rest of Europe.

The FTSE 100 is currently down 42 points, or 0.5%, at 7953 points, dragged down by losses among oil companies BP and Shell, and precious metals producer Fresnillo.

Investors are on alert for retaliatory action following Iran's attack on Israel. Fears are brewing that a dangerous new episode of escalating conflict is about to roll. All eyes are on diplomatic efforts being made to diffuse the situation which have helped bring down a spike in oil prices.

The FTSE 100 has been on the back foot in early trade, retreating away from record levels which the index flirted with on Friday. Although defence company BAE Systems has gained fresh ground amid expectations of higher military spending, energy stocks are on the back foot, as oil prices have retreated a little.