Britain's largest housebuilders, including Barratt, Redrow, and Taylor Wimpey, are being sued in a class action lawsuit for alleged price collusion. The claim, seeking up to £4.5bn, is brought on behalf of over 700,000 consumers who bought new-build homes between 2015 and 2026.
The UAE has announced it will quit Opec and Opec+ from 1 May, marking a pivotal moment for global energy markets. While analysts say the near-term implications are limited due to the Strait of Hormuz blockade preventing oil shipments, the move could allow the UAE to increase production once the conflict ends and push down prices long-term. The UAE has been dissatisfied with Opec quotas it considers unfair constraints on its infrastructure investments.
BP has reported nearly $3.2bn profit in Q1 2026, more than double year-earlier levels, driven by exceptional oil trading and surging energy prices since the Iran war began at the end of February. The oil major's new CEO Meg O'Neill acknowledged the "environment of conflict and complexity". Meanwhile, the UAE announced it is quitting Opec from 1 May, and UK government borrowing costs approached levels last seen during the 2008 financial crisis, with 10-year gilt yields at 5.02%. Chancellor Rachel Reeves pledged to maintain the 38% windfall tax on oil and gas companies.
BP's first-quarter profits nearly doubled to $3.2bn, driven by soaring energy prices due to the Iran war and strong oil trading performance. The company acknowledges the complex geopolitical environment while facing potential disruptions.
