Bulgarian economist, IMF managing director
Oil markets are shifting as Saudi Arabia channels exports through the Gulf and Oman to offset disruptions from attacks on the East-West pipeline and Red Sea routes. Traders watch for pace of repairs, supply security, and potential ripple effects on prices.
The OECD has updated its global forecast, predicting UK growth of 1.1% in 2026 and 1% in 2027, with inflation easing to about 3.1% this year. It cautions that energy shocks from the Middle East war and higher fuel prices could lift inflation and slow growth next year, though the UK shows resilience in domestic demand.
Global central banks face renewed pressure as governments squeeze independence to manage debt, raising inflation risks and market volatility. Jackson Hole gathers policymakers amid debates on inflation, debt, and the boundary between fiscal and monetary power.
Brent crude has climbed toward $97 a barrel after renewed exchanges of strikes between the United States and Iran over the past week. US strikes have hit sites along Iran's southern coast while Iran has attacked US-linked vessels and bases in the region; shipping through the Strait of Hormuz remains constrained and US pump and diesel prices have risen.