US stock markets dip for fourth straight week over US-Israel war on Iran

US stock markets dropped again on Friday, capping off a fourth week of market turbulence as investors worried about the US-Israel war on Iran and its widespread impact on global oil prices.The Dow lost over 400 points on Friday, with the S&P 500 slipping 1.5% and the tech-heavy Nasdaq down 2%.The biggest losses of the week were seen in the Russell 2000, which tracks the performance of small-cap companies. The Russell 2000 entered correction territory on Friday after dipping 2

Lowering speed limits among contingency plans to curb UK oil demand

Lowering speed limits to minimise fuel consumption is among potential contingency plans being drawn up by the UK government as the crisis in the Middle East threatens global oil supplies.Sources stressed that there is no shortage of fuel in the UK, but said that officials in the Department for Transport were working with the Department for Energy Security and Net Zero (DESNZ) on an analysis of what measures could be taken to curb oil demand.The world’s energy watchdog has advised its government member states, including the UK, to consider lowering road speeds and limiting when cars can drive.The International Energy Agency (IEA) recommended a raft of Covid-style emergency measures, including working from home, to cope with soaring oil prices and looming supply problems triggered by the US-Israel strikes on Iran.The agency said governments should encourage shared transport, whether public or car-pooling, and efficient driving, and tell citizens to avoid air travel where possible

FTSE 100 loses all its 2026 gains as Middle East conflict hits shares, and UK borrowing costs reach highest since 2008 – as it happened

Shares in London are suffering an end-of-week sell-off, following a report that the US is to send more troops to the Middle East.The blue-chip FTSE 100 share index is now down 90 points, or 0.9%, at 9970 points, back below the 10,000-point mark. That’s its lowest level since 5 January, as the Iran war wipes out almost all of its gains during 2026.Energy company BP (-3

FCA investigates collapsed lender MFS amid £1.3bn mortgage scandal

The UK’s financial regulator has launched an investigation into Market Financial Solutions (MFS), the mortgage lender that collapsed last month amid allegations of fraud.The move follows the granting of a £1.3bn worldwide asset-freezing order on MFS founder Paresh Raja on Wednesday, as creditors successfully gained court orders in London and Dubai barring the tycoon from dissipating assets.On Friday, the Financial Conduct Authority said it had “opened an enforcement investigation” into the stricken mortgage lender, which borrowed £1.3bn from a string of financial companies and slumped into administration in February

UK borrowing costs hit highest since 2008 as markets expect up to three interest rate rises

UK government borrowing costs have reached their highest level since 2008, while financial markets now expect up to three interest rate rises this year as investors digest the impact of the Iran conflict.The yield, or interest rate, on 10-year borrowing was pushed to heights not seen since the global financial crisis, as investors dumped UK government bonds.The market move followed the Bank of England’s decision on Thursday to leave interest rates on hold at 3.75% and hint at a future increase. By Friday, markets were pricing in as many as three interest rate rises in 2026

‘Huge build-up of risk’: London’s centuries-old shipping industry wrestles with Iran war

Shipping risk has been insured by Lloyd’s of London for more than 330 years, but now the centuries-old heart of maritime insurance is getting to grips with the most modern of threats – drones and missiles threatening hundreds of vessels stuck in the Gulf region amid the escalating Middle East conflict.For nearly three weeks the crucial strait of Hormuz has effectively been closed to the more than 100 gas and oil tankers and container ships that usually pass through each day.Pressure is building to find a way to safely reopen the narrow maritime channel to allow the estimated 1,000 vessels and their crews – mainly oil and gas tankers but also container ships – currently trapped in the Gulf to continue their journeys, restarting the global flow of fuel, chemicals and goods.A total of 23 vessels had been attacked between the start of the war and Thursday, according to analysts from Lloyd’s List Intelligence, including near misses and those that have sustained minor damage. Several crew members have been killed