Oil Price Tops $100 a Barrel as US Prepares Strait of Hormuz Blockade; Goldman Sachs Posts Rise in Profits –...
Oil prices surged past $100 a barrel, with Brent trading at $102.31 as the United States prepared a naval blockade in the Gulf of Oman amid the Iran‑Israel conflict. Goldman Sachs reported a 48% jump in investment‑banking fees, posting Q1 earnings per share of $17.55 and net profit of $5.63 bn. The bank highlighted growing institutional inflows into its private‑credit funds and reiterated its focus on monitoring Anthropic’s Mythos AI model for cyber‑risk. Market sentiment remains fragile, balancing higher energy costs against volatile geopolitical developments.
Iran War Could Plunge 32 Million Into Poverty, Says United Nations
The UN Development Programme warns that the Iran‑Israel war could push more than 32 million people into poverty, primarily in developing nations. The conflict has triggered a "triple shock" of soaring energy prices, strained food supplies, and weaker global growth. UNDP...
Trump’s New Budget Ignores Dying Americans and Gives Away Record Sums to the US Military
The White House unveiled a 2027 budget that trims the Department of Health and Human Services by $15 bn (12%) and cuts overall non‑defense spending by 10%, while inflating the Pentagon’s allocation to a record $1.5 tn—about 42% more than the 2026...
Task for the Week: Limit the Fallout From Biggest Oil Shock in Decades | Richard Partington
The IMF and World Bank convene in Washington as the US‑Israeli war on Iran triggers the biggest oil shock of the modern era. Brent crude, after peaking near $120 a barrel, remains well above the pre‑conflict $72 level, driving inflation...
Average UK Petrol Price Hits 150p for First Time Since 2024; Trump’s Latest Iran Extension Fails to Calm Oil Market...
UK average petrol price reached 150.11 pence per litre (≈£1.50/$1.88), with diesel at 177.68 pence (≈£1.78/$2.22), the highest levels since May 2024. The surge, tied to the Iran‑Israel conflict and rising crude, is inflating motorists’ travel costs and feeding broader inflation worries. At...
FCA Deal Gives Palantir yet More Access to Inner Workings of Power in Britain
Palantir has landed a high‑profile contract with the UK Financial Conduct Authority, extending its AI‑driven data analytics into the heart of Britain’s financial services sector. The deal gives the Miami‑based firm access to terabytes of FCA data to enhance detection...
‘The New Ketchup’? How Hummus Spread Beyond a Niche Into a British Staple
Hummus has been added to the UK’s official inflation basket, signalling its transition from niche dip to a staple comparable to ketchup. British consumers now spend roughly £170 million a year on the chickpea spread, with brands like Ramona Hazan’s valued...
Lowering Speed Limits Among Contingency Plans to Curb UK Oil Demand
The UK government is drafting contingency measures, including a 10 mph reduction on motorways, to curb oil demand as the Middle‑East conflict threatens global fuel supplies. The International Energy Agency has urged member states to adopt Covid‑style emergency actions such as...
FTSE 100 Loses All Its 2026 Gains as Middle East Conflict Hits Shares, and UK Borrowing Costs Reach Highest Since...
The FTSE 100 wiped out its 2026 gains as the Iran‑Israel conflict rattled markets and UK borrowing surged to over £14 billion in February. Money markets now price three quarter‑point rate hikes this year, driven by inflation spikes from higher oil...
Reeves Plans to Give England’s Regional Leaders a Share of National Tax Revenues
Chancellor Rachel Reeves announced plans to devolve a share of national tax revenues, starting with income tax, to England’s regional mayors. The Treasury will also allocate £2.3 bn in city investment funds and allow future business‑rates revenue to stay with metro...
UK Housing Costs Rise 41% over Five Years for Renters and Owners, Study Shows
UK households spent a record £226 bn on housing in 2025, a 41% increase over the past five years. Mortgage interest payments surged 9% to £53.6 bn, pushing average borrower costs to £13,000 annually. Rental expenses grew more modestly, rising 2.75% to...
Gas Prices Are Soaring – but One Los Angeles Gas Station Is Taking It to the Extreme
A Chevron station on Alameda Street in downtown Los Angeles is charging $8.31 per gallon, far above the city’s $5.37 average. The outlet, owned by Joe Bezerra Jr.’s Hawk II Environmental Group, sees minimal traffic despite the high price. Officials say the markup...
Can the IEA Put a Lid on the Price per Barrel by Releasing Oil Stockpiles?
The International Energy Agency announced a historic release of 400 million barrels of emergency crude, the largest drawdown in its history and about one‑third of members’ total reserves. The move aims to temper soaring oil prices triggered by the U.S.–Israel conflict...
Iran War Could Knock UK Homebuyer Confidence, Says Builder Persimmon
Persimmon warned that the escalating conflict with Iran could erode UK home‑buyer confidence, adding pressure to an already fragile mortgage market. The builder still expects to complete 12,000‑12,500 homes in 2026, a modest rise on 2025, and reported a 9%...
Young Bearing the Brunt of UK Tax and Wage Changes, Says BoE Economist
Bank of England chief economist Huw Pill warned that recent hikes in National Insurance contributions and the accelerated rise in the national living wage have hit young workers hardest. Youth unemployment rose to 16.1% in Q4 2025, the highest level...
UK Manufacturing Still Beset by Low Orders and Price Pressure, Says CBI
The CBI’s industrial trends survey shows British manufacturers recorded order books well below their long‑term average in February. Despite the weak order flow, most firms plan to raise prices over the next three months. The survey also indicates that output...
Death Tax? Property Tax? Four Ideas that Could Offset Inheritance Inequality in Australia
Australia faces a projected $5.4 trillion intergenerational wealth transfer over the next two decades, prompting concerns about entrenched inequality and reduced productivity. Economists argue that the current progressive income‑tax system is ill‑suited to address wealth that accumulates outside labour markets. Four...
Britons Feeling ‘Dismal’ About Finances Amid Mounting Debts, Survey Finds
A new S&P Global survey shows UK consumer confidence slipping to a 44.8 reading in February, the lowest level in two years. Households are adding debt at the fastest pace since July, with the sharpest increase among 18‑ to 24‑year‑olds,...
US Fixation on the Hard-Hat Economy and Making Manufacturing Great Again Makes Little Sense
The article argues that U.S. political focus on reviving the “hard‑hat” economy is misplaced. Manufacturing now comprises under 8% of employment, and recent tariff and subsidy policies have raised input costs without restoring jobs. Federal initiatives like the Inflation Reduction...
Reeves Urged to Reassure MPs over Public Finances Amid £6bn-a-Year Send Costs
Rachel Reeves faces mounting pressure to reassure MPs as the UK’s special educational needs and disabilities (SEND) programme costs rise to about £6 billion a year. The Office for Budget Responsibility warns that an £18 billion backlog could erode the fiscal surplus...
Declines in Health and Education in Poor Countries ‘Harming Earning Potential’
The World Bank reports that human capital—health, education and workplace learning—has declined in 86 of 129 low‑ and middle‑income countries between 2010 and 2025, threatening future earnings. Children born today could earn about 51 percent more over their lifetimes if their...
Economics Has Failed on the Climate Crisis. This Complexity Scientist Has a Mind-Blowing Plan to Fix That
Complexity scientist Doyne Farmer proposes a $100 million global economic simulator that models every firm individually, starting with the energy sector’s 30,000 companies and 160,000 assets. By replacing perfect‑rationality and equilibrium assumptions with simple, adaptive agents, the model promises forecasts that...