A hydrocarbon-based liquid essential to energy, transport and industry.
Apple, Microsoft, Sony and Nintendo have raised prices on Macs, iPads and game consoles after memory and storage chip costs surged. Chipmakers are reallocating capacity to AI data centres, pushing component prices sharply higher and forcing consumer electronics makers to pass costs to buyers or absorb shrinking margins.
The Financial Conduct Authority has had parts of its motor finance compensation scheme suspended after four legal challenges. Lenders will not need to calculate or pay compensation, or notify customers they are owed money, while the Upper Tribunal hears challenges in December or February; a judgment will follow months later and payments are now likely to start in 2027 if the scheme survives.
Andy Burnham is weighing Ed Miliband for the role of chancellor as Labour faces internal and market scrutiny over plans for the economy and the North Sea. The Guardian and The Times report simmering tensions about energy policy and fiscal strategy as Burnham prepares to take office.
A wave of industry and political commentary on North Sea oil and gas continues to shape UK energy policy as Andy Burnham nears the premiership. Calls from industry bodies urge a pragmatic mix of oil, gas and renewables to safeguard energy security, jobs and investment, while opponents warn against accelerating climate targets.
The Strait of Hormuz is still restricted despite a US-Iran ceasefire, with Iran effectively closing the waterway after recent attacks. Market uncertainty persists as energy prices rise and few ships pass through, raising concerns over global trade and stability.
The US has announced a naval blockade of Iranian ports following failed peace talks and escalating tensions. Iran controls the Strait of Hormuz, a key global oil route, and has warned of harsh responses. Oil prices have risen above $100 per barrel, impacting global markets and energy supplies today.
Oil prices remain elevated amid ongoing Iran‑related disruption, while markets price in a potential ceasefire. Banks warn long‑run inflation could drift lower on AI‑driven disinflation, but near‑term pressures keep the Fed and other central banks in a tighter stance. Investors are reassessing energy supply risk and policy outlook.
Iran’s Revolutionary Guard Corps is maintaining a swarm of fast-attack boats and drones to pressure shipping through the Strait of Hormuz, even as larger naval assets have been degraded. The tactic is aimed at raising costs and disrupting oil flows, with analysts warning of continued vulnerability for commercial vessels.
Iran has delivered a written response to a U.S. peace proposal via Pakistani mediators and is calling for an end to fighting across the region, lifting of sanctions and reopening the Strait of Hormuz. President Trump has rejected Iran’s terms as "totally unacceptable," and clashes and maritime incidents are continuing to push oil prices higher.
As jet fuel costs surge amid the Middle East conflict, airlines are cancelling, consolidating, or delaying flights. Passengers are changing plans, booking earlier, or shifting to rail, with governments offering contingency measures to protect summer travel.
Global energy pressures from the Middle East conflict persist as talks between the U.S. and Iran continue under a cloud of mutual demands. Inflationary effects are visible in gasoline prices, while the Strait of Hormuz remains a flashpoint and domestic politics in the U.S. influence the discourse.
The U.S. has extended for another month a waiver allowing the sale of Russian crude already loaded on tankers, keeping oil in global markets and aiming to temper prices amid ongoing tensions in the Iran war and Hormuz disruptions. The extension comes as critics say it benefits Moscow, while allies push for further relief.
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
Trump has claimed a peace deal with Iran could be signed soon, a repeated assertion that has yet to materialize. Markets have reacted with optimism and volatility as talks remain fragile and conflict persists. The narrative centers on the tension between optimism and reality as political statements influence oil and equities.
Mortgage rates have edged up again, with the 30-year fixed rate near 6.60% as lending activity strengthens after a lull. Refinancing remains soft while purchase applications show a modest uptick, reflecting ongoing sensitivity to inflation and oil-market tensions.
The US Treasury has directed a team to assess costs of damage Iran has inflicted on Gulf allies and is considering using Iranian assets to fund repairs, a source has told Reuters and other outlets. The move has prompted protests from Iran, which has warned any seizure would be "a new internationally wrongful act."
Indonesia’s economy has come under pressure from a global energy shock and policy shifts. The rupiah has weakened to a record low near 18,000 per dollar, fueling concerns about growth, investor confidence and currency stability as central bank actions lag the energy-driven outflows.
Oil and petrol prices have fallen after the U.S. and Iran reached a tentative deal to reopen the Strait of Hormuz, but global inventories and U.S. strategic reserves have dropped to decades-low levels and will take months to rebuild. Consumers are seeing smaller pump prices now; wholesale and crude markets remain fragile while production, shipping and refinery capacity restart is underway.
The Bureau of Labor Statistics has reported that U.S. consumer prices rose 4.2% in the 12 months through May, the fastest annual pace since April 2023, driven largely by a surge in energy and gasoline costs. Core inflation has remained cooler at 2.9%, while producers’ prices and oil-driven wholesale gains have also accelerated ahead of the Federal Reserve’s June meeting.
The CPI has climbed 4.2% year over year in May, driven by energy costs amid the Iran conflict. Officials say inflation remains a pressure point for households while policy makers weigh rate moves; Trump has touted inflation as a sign the economy will improve after the conflict.
Ukraine has intensified drone and mid-range strikes on Crimea and nearby Russian oil facilities, hitting an oil depot in Kerch and an oil transport site in Krasnodar. Russian-appointed officials have suspended civilian fuel sales across Crimea, reported casualties and imposed travel and event restrictions as power outages and transport disruptions leave tourists and residents stranded.
Mediators have drawn up an agreed text that would extend the ceasefire, reopen the Strait of Hormuz and start a 60‑day process on Iran’s nuclear programme. Pakistani prime minister Shehbaz Sharif and Iran’s foreign minister have said a signing could happen in days; US officials say technical approvals remain and details are disputed.
The U.S. and Iran have reached a peace agreement that opens the Strait of Hormuz and ends the naval blockade. Pakistan is mediating, with the signing expected in Switzerland. Oil prices fall as the market anticipates post-deal stability, while regional tensions shift with Lebanon and Israel.
Oil markets have fallen on renewed hopes of a US–Iran peace deal, with the Strait of Hormuz potential reopening looming over supply routes. Analysts say a durable agreement could ease shortages, while markets track sanctions relief, sanctions, and the path to reopening critical trade routes.
A tentative deal has reopened the Strait of Hormuz and allowed some vessels to leave the Persian Gulf, but global oil flows have not returned to normal. Producers and shipowners have cut output and delayed shipments; tankers stranded in the Gulf and shut-in fields will take weeks to months to restart full exports, keeping pressure on prices and inventories through summer.
The war in Iran has ended, and the Strait of Hormuz is being opened. Shipping is resuming gradually, but operators warn it will take weeks to return to pre-war levels as mines are cleared and insurance rates normalize.
Inflation has eased modestly in May, with headline CPI slowing in several countries. In South Africa, inflation rose modestly due to higher fuel prices, while food inflation continues to subside. Across nations Nigeria and Malawi also show mixed patterns in food and non-food prices, reflecting uneven price pressures.
Multiple oil tankers carrying Iranian crude have crossed the U.S. blockade as Washington and Tehran approach a framework to end their war. The Strait of Hormuz is expected to reopen, sending global oil prices lower while negotiations continue over a broader settlement and sanctions relief.
Global markets hold steady as US Federal Reserve Chair Kevin Warsh signals a cautious pause, with oil prices stabilising after recent falls. UK inflation data supports expectations of a hold on rates, while energy assets rally on easing supply concerns.
Micron has reported blockbuster fiscal third-quarter results — $41.46bn revenue and $28.24bn net income — and has forecast roughly $50bn for the current quarter. The results have pushed Micron above a $1tn market value, restarted buying in memory stocks and have sharpened concerns that soaring AI data‑centre demand is forcing consumer electronics makers, including Apple, to prepare price increases.
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Official figures show unemployment at 4.9% in the three months to April with wage growth at 3.4% excluding bonuses and 4.4% including bonuses. Payrolled employment falls modestly; vacancies drop to the lowest in over five years. The data will keep BoE hawks watching as rate decisions loom.
China's official manufacturing PMI has edged into expansion at 50.3 in June from May's 50.0, with improvements in new orders and production. Export demand remains a key engine, while domestic consumption shows caution amid a prolonged property downturn. Analysts expect policy support to sustain momentum.
The Bank has kept interest rates steady as energy prices fall, while inflation remains above target. Two MPC members favored a quarter-point hike, signaling ongoing caution about energy-driven inflation; overall inflation expectations remain sticky.
France 24, Independent Business and AP News report that Vice President JD Vance has announced that the United States has allowed more than a dozen ships to pass into Iranian ports, lifting a blockade as part of an agreement to end conflict. He says over 12.5 million barrels moved through the Strait of Hormuz, the highest level since February, and that the U.S. is honoring its commitments on the military side.
Vessels are returning to the Strait of Hormuz as major ships transit via northern and southern routes while central path remains blocked by mines. Authorities warn full normal traffic will take weeks to months to return; tolls are contested under international law.
Global oil routes are reopening as Iran and the United States sign a memorandum to end the conflict, promising the Strait of Hormuz will be fully open for at least 60 days. Backlogs and safety concerns remain as shippers begin phased restarts amid mine clearance and navigational risks.
The Senate has backed a war powers resolution directing Trump to halt US military action against Iran, while the House had previously passed the measure. The move reflects growing unease about the war and the diplomatic push with Iran. Supporters say the resolution asserts Congress’s authority, while opponents warn of constitutional challenges and strategic risks.
The United States and Iran have reached a memorandum of understanding to end months of conflict. The framework would reopen the Strait of Hormuz and lift a naval blockade on Iranian ports, while crucial issues like Iran’s nuclear program, sanctions, and frozen assets remain unsettled. The agreement aims to buy time for talks, with formal signing expected in Geneva this week.
Global markets are mixed as US inflation signals and corporate results shape investor sentiment. Oil prices edge higher amid Iran talks, while technology names remain a volatile driver of indices.
The Senate has approved a war powers resolution directing the president to halt U.S. military action against Iran unless Congress authorizes such steps. The House already passed a similar measure. The vote is largely symbolic and faces legal questions, but it signals mounting congressional concern over the Iran conflict.
A new Reuters/Ipsos poll shows Americans remain skeptical about lasting peace with Iran as an interim deal opens shipping lanes and eases some economic pressure. Gas prices stay elevated, inflation concerns rise, and Trump’s stance on Iran continues to shape political reactions.
Prologis has made an all-share approach worth 925p a Segro share, valuing Segro at about 3.6bn. Segro’s board has rejected the bid as “a long way short” of value, arguing the US bid undervalues the business. Shares have rallied on the news, while broader property stocks are buoyed by falling gilt yields and hopes of cheaper financing.
The Fed’s inflation gauge has reached a three-year high in May as gas prices peaked, signaling rising costs amid a shifting economy. Consumer prices are up 4.1% year over year, with core inflation also ticking higher. Spending showed resilience while service prices and AI-driven component costs push broader prices upward.
The June employment report has shown slower payroll gains and revisions to prior months, while wages continue to rise. The labor market remains tight, but participation has cooled and hiring is concentrated in a few sectors.
Central banks are maintaining cautious stances as inflation pressures persist. Officials have signalled that rate paths will be data-driven, with ongoing monitoring of energy prices and geopolitical risks. Market expectations hinge on inflation trends and the pace of growth.
Ukraine has intensified long‑range attacks on Russian oil refineries and energy facilities to curb Moscow’s war funding. The strikes have disrupted fuel supplies, slowed military deliveries, and heightened pressure on Moscow as Kyiv seeks a path to peace.
Israel has moved to recognise the Armenian genocide in a cabinet-backed proposal, a measure that still requires Knesset ratification. The move comes as Israel-Turkey ties deteriorate over Israel’s Gaza war, with commentators calling it a cynical bid to pressure Ankara. Several European and regional voices have weighed in on the implications for regional diplomacy.
Public and parliamentary pressure in Egypt calls for lower fuel, gas, and electricity prices as the government balances subsidies with IMF conditions. Lawmakers question price reforms while experts warn that global trends and regional tensions continue to influence domestic costs.
Andy Burnham has consolidated support after Makerfield by-election and is positioned to lead Labour. Polls show rising backing, but MPs warn against an early general election. He faces the task of forming a new government and defining a policy agenda, with a potential reshuffle and cabinet choices pending.