Oil Hits Highest Level Since US-Iran Ceasefire Began, as Conflict Hurts Gulf Crude Production – as It Happened
Brent crude rose to $105 a barrel, the highest level since the US‑Iran ceasefire was announced in early April, as fighting in the Middle East curtails Gulf crude output. The price surge follows a jump from sub‑$70 earlier in 2026 but remains below the $120‑plus spikes seen after Russia’s invasion of Ukraine in 2022. Analysts note that while higher energy costs are already denting corporate outlooks, equity markets have shown surprising resilience, betting on a swift end to the conflict. The German economy, heavily dependent on affordable energy, is feeling the early impact of the price rise.
UK Braces for Price Rises Driven by Iran War as Economic Confidence Plummets
UK consumer confidence slipped to its lowest level since October 2023 as the Iran war fuels inflation expectations. Business surveys reveal rising cost pressures, with more than a quarter of firms planning price hikes, driven largely by higher energy costs....
UK Jobs Market Was in a Fragile State – Even Before Iran War Threatened Recovery
The UK unemployment rate slipped to 4.9% in the three months to February, but the labour market remains fragile as economic inactivity rose and pay‑rolled jobs fell by 65,000 year‑on‑year in March. Wage growth slowed to 3.8% annually, the weakest...
Quarter of a Million People Could Lose Job by Middle of 2027 as UK ‘Flirts with Recession’, Analysis Says
A joint analysis by EY’s Item Club and Deloitte warns that the UK could lose up to 250,000 jobs by mid‑2027 as the country “flirts with recession” after the US‑Israel war on Iran disrupted oil supplies and spiked energy costs....
Reeves Rightly Fears the Bond Market, but She Can Afford to Ditch One Unhelpful Rule | Phillip Inman
Chancellor Rachel Reeves is confronting rising bond‑vigilante pressure as UK borrowing costs jump to 4.9% on 10‑year gilts. She has pledged to cut the annual deficit below 2% by 2031, a target praised by IMF chief Kristalina Georgieva. Reeves’ fiscal plan...
Cuts to Overseas Aid Will Worsen Shocks to Global Economy, David Miliband Says
Former British foreign secretary David Miliband warned that recent cuts to overseas aid by the United States, United Kingdom and other wealthy nations risk amplifying economic shocks stemming from the Iran war. He cited OECD data showing a $174.3 bn reduction...
Ukraine War Briefing: €90bn EU Loan for Ukraine to Be Released in Second Quarter
The European Union will begin disbursing a €90 billion (≈ $98 billion) loan to Ukraine in the second quarter, announced by EU economy commissioner Valdis Dombrovskis at the IMF‑World Bank spring meetings. The funding comes as Russia escalates drone and missile attacks, killing...
UK Economy on ‘Stronger Footing’ than Expected Before Energy Shock After February Growth Surge – Business Live
UK February GDP surged 0.5% month‑on‑month, far outpacing the 0.1% consensus, driven by a broad‑based services rebound and a 1.0% jump in construction output. Deutsche Bank’s Sanjay Raja says the economy entered the Iran‑related energy shock on a stronger footing,...
UK Could Face Gaps on Supermarket Shelves by Summer if Iran War Continues
UK ministers are preparing for a ‘reasonable worst‑case scenario’ as the Iran‑Israel conflict threatens to keep the Strait of Hormuz closed, potentially disrupting carbon‑dioxide supplies essential for food processing. The government’s Exercise Turnstone, run by the Cobra emergency committee, includes...
IMF Calls for Countries to Economise on Energy Supplies, and Hails UK’s Budget Deficit Improvement – as It Happened
The International Monetary Fund praised the United Kingdom for cutting its budget deficit from 6.1% of GDP in 2024 to 5.4% in 2025, and projects it will fall to 3.9% in 2026 and 1.6% by 2031, the lowest among G7...
How the US-Israel War on Iran Is Affecting African Economies
The US‑Israel blockade of the Strait of Hormuz has choked a key oil and fertilizer corridor, driving fuel prices up 30‑70% across Africa and as high as 150% in Somalia. East African and some North African nations that depend on...
IMF Says Strait of Hormuz Closure Raises Prospect of ‘Major Energy Crisis’ – Video
The IMF warned that a shutdown of the Strait of Hormuz would spark a major energy crisis, pushing oil prices sharply higher. Chief economist Pierre‑Olivier Gourinchas outlined an adverse scenario with rising inflation and tighter financial conditions, and a severe...
IMF Warns ‘Unprecedented’ Energy Crisis Could Trigger Global Recession as Australia Prepares for G20 Fuel Talks
The International Monetary Fund warned that the US‑Israel war on Iran and the ensuing blockade of the Strait of Hormuz could spark an unprecedented energy crisis, threatening to push global growth below 2% in 2026. Its World Economic Outlook outlines...
HSBC Says Iran War Is Hitting Confidence as Businesses Warn over Economic Risks
HSBC executives warned that the Iran war is already dampening global business confidence, citing rising oil, fertilizer and metal prices. The conflict has pushed Brent crude just below $100 a barrel despite a new U.S. blockade on Iranian ports. HSBC’s...
Holidays Take a Hit as UK Cost of Living Fears and Iran War Bite
UK consumers reduced travel spending by 3.3% in March, marking the first decline since 2021, as cost‑of‑living worries and the Iran‑related Middle East conflict weigh on confidence. Overall card spending rose modestly 0.9% year‑on‑year, while domestic hotel bookings increased 1.2%...