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Reuters: US subject to enforce blockade successful Gulf of Oman, Arabian Sea, statement to seafarers
The US Central Command person told seafarers that nan US subject will enforce a blockade successful nan Gulf of Oman and Arabian Sea eastbound of nan Strait of Hormuz, applied to each alloy postulation sloppy of flag.
A statement seen by Reuters besides confirms that nan blockade would travel into effect astatine 1400 GMT today, aliases 3pm UK time.
The statement says:
double quotation mark“Any alloy entering aliases departing nan blockaded area without authorization is taxable to interception, diversion, and capture.
“The blockade will not impede neutral transit transition done nan Strait of Hormuz to aliases from non-Iranian destinations.”
The blockade “encompasses nan entirety of nan Iranian coastline to see but not constricted to ports and lipid terminals”, nan statement said, adding that humanitarian shipments including food, aesculapian supplies, and different basal equipment would beryllium permitted, taxable to inspection.
Goldman Sachs warns of 'very complex' geopolitical landscape, arsenic profits rise
Goldman Sachs has grown its profits successful nan first 4th of this year, a play which included nan first period of nan US-Iran war.
The Wall Street titan has reported net per communal stock of $17.55 for nan first 4th of 2026, up from $14.12 successful nan first 4th of 2025 and $14.01 successful nan 4th fourth of 2025.
Goldman’s nett net roseate to $5.63bn for nan first 4th to 31 March 31, up from $4.74bn a twelvemonth ago, while nett revenues came successful astatine $17.23bn.
Reuters says:
double quotation markThe heightened volatility crossed plus classes has pushed up nan request for clients to reassess portfolios and hedge downside risks, a believe that typically buoys trading desks astatine ample banks.
The jump successful profits was partially owed to a 48% jump successful finance banking fees, which Goldman says reflected “a important summation successful completed mergers and acquisitions volumes” successful nan quarter.
Asset & wealthiness guidance revenues roseate by 10% year-on-year, arsenic an summation successful assets nether guidance led to higher fees.
David Solomon, president and Ceo of Goldman Sachs, says:
double quotation mark“Goldman Sachs delivered very beardown capacity for our shareholders this quarter, moreover arsenic marketplace conditions became much volatile. Our clients proceed to dangle connected america for precocious value execution and insights amid nan broader uncertainty, and we stay assured successful really we’ve positioned our businesses. The geopolitical scenery remains very analyzable – truthful disciplined consequence guidance must stay halfway to really we operate.”
Lauren Almeida
The accommodation preservation website Booking.com has suffered a information breach pinch “unauthorised parties” gaining entree to customers’ details.
The level said it “noticed immoderate suspicious activity involving unauthorised 3rd parties being capable to entree immoderate of our guests’ booking information”.
“Upon discovering nan activity, we took action to incorporate nan issue,” it said. “We person updated nan pin number for these reservations and informed our guests.”
The company, which is headquartered successful Amsterdam, lists much than 30m accommodation venues astir nan world and says it connects “millions of travellers” pinch experiences, carrier and places to stay.
UK petrol and diesel increases 'have almost crushed to a halt'
After rising since nan Iran warfare began, UK petrol and diesel prices yet all-but-stopped expanding today.
The RAC reports that nan mean value of a litre of diesel is 191.50p today, up from 191.31p connected Friday.
Petrol aso roseate very somewhat to 158.27p a litre, up from 158.16p connected Friday.
RAC caput of argumentation Simon Williams says that “while pump prices person technically risen for a grounds 43 consecutive days, nan increases person almost crushed to a halt” aft lipid fell traded beneath $100 a tube past week.
Williams added, though:
double quotation markIf nan lipid value was to spell backmost up again this week, immoderate hopes of flimsy forecourt reductions will inevitably disappear.”
Physical Forties crude lipid hits grounds precocious adjacent $150 a barrel
North Sea lipid prices person risen to a caller grounds high, arsenic nan US scheme to blockage nan strait of Hormuz triggers a scramble to unafraid crude supplies.
Reuters has nan details:
double quotation markThe value of North Sea Forties crude lipid reached a grounds precocious adjacent $150 a tube connected Monday arsenic nan U.S. scheme to blockade nan strait of Hormuz added to interest astir tight supplies.
The outright value of North Sea Forties crude reached $148.87 a tube connected Monday, LSEG information showed, exceeding its 2008 peak.
Former chancellor Jeremy Hunt has besides based on that if nan UK introduces a ‘social tariff’ to thief poorer households pinch their power bills, different households could stump up nan cost.
Hunt told today’s Resolution Foundation arena that nan UK Treasury is “mindful of our fiscal position”, truthful it will opportunity “we want nan group who are not connected nan societal tariff to person somewhat higher bills, to salary for little bills for group connected nan societal tariff”.
That, he argues, would termination nan argumentation “stone dead”.
Hunt says:
double quotation markIt is decidedly politically easier for Rachel Reeves to opportunity ‘this is thing I’m going to woody pinch erstwhile I travel to nan fund successful November’.
But if nan infinitesimal she announces a societal tariff, she announces that bills for nan 80% are going to spell up successful bid to money little bills for nan 20% of poorer households, that is simply a measurement to termination a argumentation chromatic dormant from nan outcome.
You can’t really duck that because group are going to ask, really are you going to salary for this? And that, I think, is why successful nan end, nan quantum is very, very important. I mean, are we talking astir a £5bn package for 1 year, aliases are we talking astir a £25bn package for 5 years?
Jeremy Hunt: markets wouldn't let a repetition of nan 2022 power value cap
Jeremy Hunt, a erstwhile Tory chancellor of nan exchequer, says Rachel Reeves faces an ‘incredibly challenging’ situation, arsenic nan Iran warfare hits UK surviving standards.
Hunt, who was chancellor from October 2022 to July 2024, says Resolution Foundation’s caller study “brought backmost a fewer nightmares” for him.
But, erstwhile Hunt became chancellor, nan power value headdress was predicted to beryllium £4,200; instead, bills were capped it astatine £2,500 a year, a move that drove up nan UK nationalist debt.
Hunt argues that moreover pinch each nan worries today, nan standard of what nan UK is facing now is “nothing for illustration 2022”.
double quotation markWe’re talking astir perchance a £300 emergence successful power bills, not an summation successful power bills by £2,000, aliases £2,500, a year. So nan standard is very, very different astatine nan moment.
Hunt besides argues that the markets wouldn’t let nan benignant of involution that he was capable to do successful 2022.
He says that concerns astir nan UK’s nationalist indebtedness are higher today:
double quotation markThe markets person noticed that indebtedness liking is now £110bn a year. If you adhd to that, nan unfunded liabilities for civilian work and NHS pensions, we salary successful taxation each twelvemonth nan balanced of 19p connected income taxation conscionable to salary for authorities liabilities, debt, [and] interest.
Resolution Foundation: unit connected UK lodging costs from Iran war
The Iran warfare is putting rising unit connected UK lodging costs, nan Resolution Foundation is warning.
The deliberation vessel is presenting its caller investigation connected nan effect connected surviving standards (see earlier post) astatine an arena successful London now.
Jonny Marshall, main economist astatine nan Resolution Foundation, points retired that expectations this twelvemonth of continued liking complaint cuts person faded.
Marshall says:
double quotation markThis is very unwelcome news to nan astir three-quarters of a cardinal households that are group to travel disconnected five-year fixed mortgages this financial year.
For a family pinch a indebtedness of astir £220,000, moving disconnected a inexpensive hole would adhd astir £350 to their lodging costs, a emergence of much than £100 if that inexpensive hole had ended astatine nan commencement of February.
There are besides expectations that higher owe rates could provender done into rental prices, he adds.
Marshall besides pointed retired that petrol and diesel prices person jumped rapidly, while nutrient ostentation will emergence much slow – it typically takes a twelvemonth for a nutrient commodity value daze to provender done to nan highest of nutrient value inflation.
And pinch households facing a jump successful power bills this year, Resolution argues that immoderate authorities support should beryllium targeted astatine those astir apt to struggle pinch higher costs.
Markets dip 'before Trump inevitably TACOs again'
European banal markets person dropped this morning, but it’s a alternatively humble sell-off.
Germany’s DAX has dropped by almost 1%, while Spain’s IBEX is down 1.2% and Italy’s FTSE Mib has mislaid 0.75%.
This mild guidance whitethorn bespeak that investors aren’t intensely worried astir Donald Trump’s threat to adjacent nan strait of Hormuz.
As Bill Blain, main of Wind Shift Capital Advisors, puts it:
double quotation markMore instability forecast earlier Trump inevitably TACOs again. Markets are getting saturated of it – which intends nan consequences could beryllium moreover much volatile!
The US blockage connected Iranian ports, which is scheduled to commencement astatine 3pm UK time, will beryllium a rustle to China, which is simply a cardinal purchaser of Tehran’s oil.
Neil Wilson, investor strategist astatine Saxo UK, explains:
double quotation markAfter nan ceasefire and move towards bid talks, nan nonaccomplishment of negotiations and President Trump’s consequent determination to enforce a naval blockade connected nan Strait of Hormuz has sent lipid prices sharply higher this greeting pinch Brent futures trading northbound of $100 again.
The US Navy will artifact nan Strait from 10am eastbound clip coming aft Washington and Tehran grounded to scope statement complete nan play – I thought we wanted it open!? Brent roseate astir 8% to clear $103 earlier paring gains to waste and acquisition astir nan $101 mark. Dutch TTF state jumped astir 8% also.
The main point to see is China arsenic nan main customer of Iranian lipid – nan blockade appears to beryllium a instrumentality to unit China to beardown limb its strategical partner to hurry up and do a deal. Diplomacy is nan continuation of warfare by different intends successful this case.
UK owe rates person dipped somewhat today.
The mean 2-year fixed residential owe complaint coming is 5.89%, down from 5.90% connected Friday, information supplier Moneyfacts reports.
The mean 5-year fixed residential owe complaint coming is 5.77%, down from 5.78% astatine nan extremity of past week.
That follows a driblet successful borrowing costs astatine nan extremity of past week, connected hopes that past weekend’s bid talks mightiness person delivered progress.
With authorities borrowing costs a small higher this morning, it’s imaginable that tomorrow’s Moneyfacts information will show owe rates person gone up again!
Germany will trim taxes connected diesel and petrol for 2 months, chancellor says
Germany is rolling retired support for consumers and businesses facing higher centrifugal substance costs.
Chancellor Friedrich Merz has announced that petrol and diesel taxes will beryllium trim for 2 months to supply alleviation to households and businesses deed by nan power daze during nan Middle East war.
Merz told a property conference:
double quotation markWe will reduce... nan substance taxation connected diesel and gasoline by astir 17 (euro) cents per litre for 2 months.
Julia Kollewe
Rachel Reeves said she would group retired a support package this week to thief businesses struggling pinch soaring power costs arsenic a consequence of nan Iran war.
Like different countries, nan UK is exposed to nan economical fallout from nan Iran war, which has driven lipid and state prices sharply higher connected world markets, thereby expanding power bills and substance prices for households and businesses.
Crude lipid prices spiked to astir $120 a tube during nan war, but fell beneath $100 a tube past week aft nan US and Iran agreed a impermanent ceasefire. However, they are expected to emergence again connected Monday aft nan 2 countries grounded to scope a woody to extremity nan warfare complete nan weekend.
Writing successful nan Sunday Times, nan UK chancellor said:
double quotation markThe warfare successful Iran will travel astatine a costs to British families and business … We don’t yet cognize nan afloat standard of those costs, but nan contiguous privilege must beryllium to guarantee that nan ceasefire holds.
She added:
double quotation markThat is nan champion protection we person against higher costs astatine location and astatine nan IMF meetings successful Washington this week I will beryllium moving pinch friends connected nan action we tin return to guarantee state of navigation, including nan Strait of Hormuz, to support power supplies moving again.
She and different finance ministers, on pinch cardinal bankers, are heading to Washington for nan International Monetary Fund and World Bank’s outpouring meetings starting connected Monday.
The UK authorities had been waiting to spot really nan conflict evolved earlier announcing support to households and businesses. It has already pledged to trim immoderate greenish levies and little bills for immoderate electricity-intensive companies. Reeves said:
double quotation markThe UK’s manufacturing assemblage ... has faced uncompetitive power prices for excessively long.
So later this week I will beryllium mounting retired nan adjacent shape of our plans to boost Britain’s competitiveness. I will besides group retired nan principles that will guideline really we support businesses successful nan months ahead.
Higher power prices will summation nan unit connected cardinal banks to tighten monetary policy, to forestall a surge successful inflation.
This morning, City investors are pricing a astir 84% chance that nan Bank of England raises liking rates doubly this year, Reuters reports, up from a 60% chance connected Friday.
