Oil hits highest level since US-Iran ceasefire began, as conflict hurts Gulf crude production – business live
Brent crude hits highest level since the US and Iran first agreed a ceasefire in early AprilRetail sales rise in Britain after Iran war prompted ‘panic at the pumps’Trump says he will ‘probably put a big tariff on the UK’ if it doesn’t drop digital services taxSarah Breeden’s warning that share prices do not reflect the many risks facing the global economy may have pushed the market down this morning, suggests Russ Mould, investment director at AJ Bell.He explains:The stock market reflects what investors think will happen in the future. While markets have been wobbly since the Middle East conflict unfolded, they didn’t pull back sharply in the early stages of the crisis, and more recently they’ve shown resilience. That suggests investors are confident the war will end quickly, and elevated oil and gas prices will retreat as supply is restored.Oil prices currently trade at $105 per barrel which is higher than the sub-$70 price seen at the start of 2026, but below the $120+ level when Russia invaded Ukraine in 2022. One could argue current oil prices are high enough to cause pain for businesses and consumers as everything becomes more expensive. There are already signs it is causing problems for companies as they report cautious outlook statements.Companies are considerably more pessimistic about the coming months.The German economy is being hit hard by the Iran crisis. Continue reading...
