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Guardian Business11.5.2026BusinessUnited Kingdom

UK ‘to lose 163,000 jobs in 2026’ amid Iran war fallout, as oil price jumps again – business live

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Rolling coverage of the latest economic and financial newsThe oil price has jumped 4% this morning as hopes of a breakthrough in the US-Iran peace talks falter.Brent crude, the international benchmark, is rallying after president Donald Trump said on Sunday that Iran’s response to a US proposal was “unacceptable”.Both Trump and Iran rejected each other’s proposals to end the war. Iran refused to dismantle its nuclear program, which has been the key demand from Trump. The Strait of Hormuz remains practically closed. Trump does want a deal, but he needs to show to his supporters that US managed to secure a deal on nuclear, which was the whole point of going into the war. Continue reading...

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