oil price increase due to US-Iran ceasefire end

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Oil prices rose above $90 per barrel as the US-Iran ceasefire ended, impacting global energy markets.

Economists warn oil surge could force Bank of England rate hikes

The Bank of England is expected to hold its key interest rate steady at 3.75% on Thursday, but economists warned that a renewed surge in global oil prices driven by the breakdown of the US-Iran ceasefire could force the central bank to…

2026-07-26 · 3 MIN READ

UK inflation rises in July on gas costs; Burnham cites relief steps

UK inflation increased in July, driven by a surge in gas costs, after the temporary US-Iran ceasefire expired Monday without a permanent deal.
Prime Minister Andy Burnham has pledged to ease cost of living pressures, pointing to a VAT cut on household electricity bills and a £2 cap on bus fares as relief.
The Bank of England held its benchmark interest rate at 3.75% last month even though inflation was above its 2% target.
Analysts expect inflation to rise further toward the end of the year as higher energy costs feed through to household bills, with no progress reported on a deal to end the Middle East war.
Quilter Cheviot investment manager Jonathan Raymond said price pressure is likely to remain for the remainder of the year at least while the Strait of Hormuz stays far from normal.

2026-08-19 · 4 MIN READ

Oil tops $90 as US-Iran ceasefire ends

The temporary ceasefire between the United States and Iran lapsed Monday after Washington ruled out extending the pact, sending Brent crude futures up 0.8% to $91.60 a barrel, the highest since 30 July.
A senior Iranian official told Reuters that Iran will shift to a "fully offensive" military stance as efforts have stalled towards a permanent end to the war.
The Office for National Statistics reported average growth in UK total earnings, including bonuses, eased to 4.1% in the three months to June, down from 4.3% in the three months to May.
ONS figures showed UK unemployment dipped to 4.9% from 5%, with job vacancies falling 7,000 to 712,000.
Felix Feather, economist at the fund manager Aberdeen, said the data point to a softening UK jobs market and underpin his expectation that the Bank of England will stay on hold for the rest of the year.

2026-08-18 · 3 MIN READ