Oil Prices Surge Amid Rising Tensions in the Middle East, Reaching Highest Levels Since Conflict Began
As tensions rise in the Middle East, oil prices are surging significantly, marking a worrying trend for both global markets and consumers. Reports indicate that Brent crude oil has reached its highest price since the onset of the conflict, attributed largely to disruptions in supply from this critical energy region. The escalating crisis has resulted in a 17% increase in U.S. gasoline prices since the conflict began, further impacting American drivers as fuel costs rise sharply. The G7 finance ministers are convening to address the situation, amidst discussions around the potential release of strategic oil reserves to stabilize prices. The... [Continue Reading]
Oil prices surge amid Middle East conflict for first time since 2022
The Iran crisis has sent oil prices surging, and the G7 finance ministers are meeting later today to discuss possibly releasing strategic oil reserves to stabilise oil prices. The Brent oil barrel has reached its highest price since the Russian invasion of Ukraine. Solange Mougin has more on the factors that can make the price of the barrel fluctuate. [Continue Reading]
G7 leaders to discuss release of strategic oil reserves as crisis looms
Finance Ministers from the G7 group of the world's leading economies are meeting on March 9 to discuss a potential release of stocks from Strategic Petroleum Reserves. The talks will be joined by the executive director of the International Energy Agency. The organisation was formed in the wake of the 1973 oil crisis to coordinate to use of member states' reserves, the better to offset supply shocks, like the one currently slamming commodities markets. This as the Strait of Hormuz - a crucial export artery for Middle Eastern oil - remains effectively shut down due to the war in Iran. [Continue Reading]
British AI datacentre firm Nscale raises $2bn as Sheryl Sandberg and Nick Clegg join board
London-based startup, which is vital to the government’s artificial intelligence ambitions, is now valued at $14.6bn UK’s multibillion AI drive is built on ‘phantom investments’The Essex supercomputer that’s still a scaffolding yardBusiness live – latest updatesNscale, a UK company vital to the government’s AI ambitions, has raised $2bn (£1.5bn) in a funding round and appointed the former Meta executives Sheryl Sandberg and Nick Clegg to its board of directors.It brings the valuation of the London-based startup, which is backed by the US tech company Nvidia, to $14.6bn, it said in a statement, and follows a $1.1bn funding round the company... [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]
G7 to discuss possible emergency release of oil reserves, says France’s Macron
French President Emmanuel Macron said on Monday the G7 will discuss a possible release of strategic oil reserves, as finance ministers of the world’s leading industrialised nations prepared to meet for crisis talks on the Middle East war. Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said that “the use of strategic reserves is an option being considered”. A possible meeting of G7 heads of state and government could take place this week, Macron told... [Continue Reading]
UK interest rate cuts unlikely this year amid Iran war – and a rise could be ahead
Markets predict Bank of England will hold rates in 2026 as bond yields soar on forecasts of prolonged conflictIran war drives oil prices above $100 a barrelBusiness live – latest updatesUK interest rates are not expected to be cut this year and could even rise next summer, according to financial markets, in a dramatic reversal of forecasts before the US-Israel war on Iran.Markets data on Monday showed that investors predict the Bank of England will most likely keep its base rate on hold at 3.75% for the remainder of the year, and would raise them to 4% next June. Continue... [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]
Yorkshire Water receives fresh funding despite sewage fines and pay row
Private equity group EQT to take 42% stake as supplier faces scrutiny over environmental record and CEO’s payBusiness live – latest updatesA leading European investor will pump fresh funding into Yorkshire Water including helping to cover a £600m loan, despite recent heavy sewage fines and a scandal over executive pay at the utility company.EQT, a Swedish private equity group, said on Monday it would take a 42% stake in Kelda Holdings, the Jersey-registered parent company of Yorkshire Water, which has 5.7 million customers across Yorkshire and parts of the East Midlands and Lincolnshire. Continue reading... [Continue Reading]
G7 to discuss release of emergency oil reserves as price tops $100
Finance ministers monitoring situation but stop short of agreeing to release emergency oil reservesIran war drives oil prices above $100 a barrelBusiness live – latest updatesThe G7 said it was ready to take “necessary measures” to address the economic impact of the US-Israel war on Iran, after a meeting prompted by soaring oil prices, which rose above $100 (£74) a barrel for the first time since 2022.Following a remote meeting on Monday, G7 finance ministers said they would closely monitor the situation but stopped short of agreeing to release emergency oil reserves. Continue reading... [Continue Reading]
Iran war drives oil price above $100 a barrel for first time since 2022
Trump says rise in energy prices is ‘very small price to pay’ as conflict sparks fresh stock market sell-offBusiness live – latest updatesOil prices surged past $100 a barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leading economies moved to tackle a worsening energy supply crisis.A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off. Continue reading... [Continue Reading]
