Oil prices drop to approximately $91.70 per barrel after Trump comments on Israel-Iran conflict resolution
In a significant turn of events, oil prices have dropped dramatically after former US President Donald Trump stated in a recent CBS News interview that the ongoing conflict involving Israel and Iran could conclude "very soon." This announcement has dissipated fears surrounding a potential deepening energy supply crisis, which had previously driven Brent crude oil prices up to a staggering $119.50 per barrel. Following Trump's statement, prices rebounded to approximately $91.70 a barrel within a span of hours. The shift in oil prices reflects a broader response from global financial markets. The FTSE 100 and other European indexes have seen... [Continue Reading]
Reeves to face MPs’ grilling over cost-of-living pressures – UK politics live
Chancellor was responding to Treasury questions amid market turbulence linked to Middle East conflictWe can bring you some lines from the Reform press conference (see post at 10.10). Sky News’ political editor Beth Rigby asked Nigel Farage about Reform’s inconsistent position over the UK’s policy in regard to the US-Israeli war with Iran. She asks how voters can trust the party’s national security.“Given that we can’t even send a Royal Naval vessel to defend British sovereign territory and an RAF base, we certainly don’t have the capability to offer anything of any value to the Americans or the Israelis,” Farage... [Continue Reading]
Scrapping North Sea windfall tax would not reduce UK energy bills, say experts
Rachel Reeves said to be considering levy cuts for oil and gas firms, but economists say this would just fatten profitsEasing the windfall tax on the North Sea would do nothing for hard-pressed consumers, and merely fatten the profits of oil and gas companies, economists and experts have told the Guardian.Rachel Reeves, the UK chancellor, is understood to be considering reductions to the energy profits levy, or potentially scrapping it and replacing it with a lower duty. Oil prices rose to $100 a barrel on Monday, as the US-Israel offensive on Iran showed little sign of halting. Continue reading... [Continue Reading]
Reeves to look at how to help households with heating oil bills
The chancellor said a meeting on Wednesday will explore ways to help households. [Continue Reading]
UK inflation likely to rise because of Middle East war, says Rachel Reeves
Chancellor says she is ready to help households with rising costs but stops short of setting out specific stepsMiddle East crisis – live updatesBritain is likely to be hit by rising inflation because of the US war with Iran, the chancellor has said, as she suggested a “rapid de-escalation” would be the best protection against a jump in energy prices.Rachel Reeves stopped short of setting out any new relief for people who could be hit by rising prices, rebuffing calls to ditch a planned 5p rise in fuel duty in September.The price of Brent crude oil rocketed to as high... [Continue Reading]
‘Bitter result’ for Friedrich Merz as Greens win in German car heartland
Cem Özdemir gains 30.2% of vote in Baden-Württemberg, ahead of CDU, with far-right AfD in thirdFriedrich Merz’s Christian Democrats (CDU) have stumbled into a busy election year with a defeat to the Greens in a key state poll, as his embattled party struggles to fend off a challenge in other pivotal races from the far right.The German chancellor’s conservative CDU had enjoyed a double-digit lead in the south-western car production region of Baden-Württemberg just weeks ago but the Greens and their charismatic candidate Cem Özdemir eked out a half-point-margin win in Sunday’s poll with 30.2%. Continue reading... [Continue Reading]
Nigel Farage invests £215,000 in Kwasi Kwarteng’s bitcoin firm
Reform UK leader strengthens ties with crypto sector with stake in former Tory chancellor’s company Stack BTCBusiness live – latest updatesNigel Farage has invested in Kwasi Kwarteng’s bitcoin reserves company, as the leader of Reform UK aligns himself closer with the cryptocurrency industry.The MP has invested £215,000 in Stack BTC, the crypto business that is chaired by the former Conservative chancellor. Continue reading... [Continue Reading]
Starmer seeks to reassure public over cost of living as oil surges above $100 a barrel - UK politics live
The prime minister is facing pressure from unions and some backbenchers to prepare a support package as oil and gas prices threaten to push up inflationAs we mentioned in the opening post, the chancellor, Rachel Reeves, has a call with fellow G7 finance ministers this afternoon to discuss surging oil prices and the economic impact of the US-Israeli war with Iran.You can follow all the latest market developments in our business live blog, which is leading on how stock markets are tumbling after the oil price surged over $100 a barrel for the first time in four years:The longer this... [Continue Reading]
Oil prices jump above $100 for first time in four years
Chancellor Rachel Reeves will join talks amid reports that oil reserves could be released to lower prices. [Continue Reading]
German state election a test for chancellor Friedrich Merz
Leader’s centre-right CDU party is hoping to beat Greens in Sunday’s election in Baden-WürttembergFriedrich Merz’s centre-right CDU faces a regional election on Sunday, the first of several this year in which it hopes to stem the rise of the far-right Alternative für Deutschland (AfD).Voters will head to the polls in Baden-Württemberg, a prosperous hub of Germany’s auto sector with a population of 11.2 million. A year after winning national elections, the CDU is aiming to snatch first place in the south-western state from the Greens, who have won the last two state elections. Continue reading... [Continue Reading]
UK energy market faces significant impact from Iran conflict, with household bills projected to rise by £160 annually
Recent developments in the ongoing conflict involving Iran have led to significant impacts on the UK's energy market, prompting analysts to predict a substantial increase in household energy bills. Following a series of events connected to the US-Israeli military actions in Iran, gas prices have surged, with projections indicating that typical household energy expenses could rise by £160 annually, reaching a staggering £1,800 by this summer. This escalation represents a 10% increase in energy costs, directly correlated to rising gas prices which have more than doubled in the wake of the conflict. The impact of the Iranian crisis on UK... [Continue Reading]
Trump Reports Significant Impact of US-Iranian Military Engagements Amid Ongoing Airstrikes and Regional Tensions
In a significant escalation of military actions in the Middle East, President Donald Trump has reported the substantial impact of recent US-Iranian military engagements, asserting that Iran's naval and air capabilities have been largely "knocked out." These comments were delivered during a press briefing at the White House, amidst ongoing airstrikes by Israeli and US forces targeting various sites across Iran. The President's remarks come at a time when Iran is retaliating by striking back at satellite targets throughout the Gulf region, further complicating the geopolitical landscape. During the press conference, Trump noted that many of Iran's potential future leaders... [Continue Reading]
