Bank of England leaves interest rates on hold with committee split 8-1; ECB also keeps rates steady – as it happened

The Bank of England has left interest rates unchanged at 3.75%.The central bank’s rate-setting monetary policy committee (MPC) voted to leave borrowing costs on hold at noon, after its latest meeting.The vote by the nine-member committee to keep rates on hold was split eight to one. The Bank’s chief economist Huw Pill voted for a rate hike to 4%

Oil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’

The global oil price hit $126 a barrel on Thursday, its highest level since 2022, after Donald Trump said the US blockade of Iranian ports could last for months and peace talks remained stalled.After surging more than 13% in 24 hours, the price of Brent crude futures reached its highest price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.Oil markets have been spooked this week as Trump appeared willing to maintain the US navy’s blockade of Iranian ports, with Iran responding by keeping the strait of Hormuz all but shut to other oil tankers.Market observers believe that traders are beginning to look beyond the early optimism that a diplomatic resolution could restore Gulf oil flows through the vital trade route, and towards “the reality of the supply situation”

Oil nearing $120 a barrel for first time since 2022 as Trump maintains Iranian blockade – as it happened

A late update: Oil is now approaching its highest level since the Iran war began.Brent crude has risen over $119 a barrel, up 7% today, after president Donald Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program.This decision extends the ongoing standoff over the Strait of Hormuz that has caused a global energy crisis.Trump said in a phone interview Wednesday, according to Axios:double quotation mark“The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig

Co-op marking commonly stolen items with forensic spray to track reselling

Co-op is secretly marking commonly stolen items including alcohol and laundry detergents with invisible “forensic spray” to track them, in the latest crackdown on shoplifting as a new law on retail crime kicks in.The supermarket aims to use the technique across the country having tested it in Manchester and London since last year.The spray, which helps the Co-op identify where stolen items are being resold and report it to the police, contains a unique forensic code for a particular location where the items were sold, which also include sweets. Police can then identify which Co-op store the items originated from when investigating physical shops or online stores suspected of reselling stolen goods.Police forces have used similar tactics to track down stolen bikes and valuables, and protect domestic abuse victims

Iran war may cause food shortages in Africa, world’s largest fertiliser firm says

The Iran war could have “dramatic consequences”, causing food shortages and price rises in some of Africa’s poorest and most vulnerable communities, the head of the world’s largest fertiliser company has said.Svein Tore Holsether, the chief executive of Yara International, said world leaders needed to guard against soaring prices and shortages of fertiliser causing a de facto global auction that would leave the poorest countries, particularly in Africa, scrambling for supplies they could ill afford.“The most important thing we can do now is raise the alarm on what we are seeing right now – that there is a risk of a global auction on fertiliser that means it becomes unaffordable for those most vulnerable,” he said.“Africa is actually quite well positioned to be a major food producer, not only for self-sufficiency, but even for exports to the rest of the world, but the reality is that they are massive food importers.“But we need to be aware in this part of the world of the potential consequences that if we get to a global auction on food, there will not be a famine in Europe – but we need to be aware of who we are taking the food away from

Could the UAE’s shock exit from Opec cause an oil price war?

The conflict in the Middle East has claimed Opec as the latest casualty of war. The United Arab Emirates’ shock exit from the oil cartel on Tuesday after 60 years is expected to weaken the alliance, which under the leadership of Saudi Arabia has helped to soothe volatility in the global oil market for decades.Global oil prices reached the highest level in four years on Thursday, rising above $126 a barrel. But as the region grapples with the continuing conflict, a fresh war may be brewing in the international oil markets, which could lead to greater market volatility for years to come.For now, the UAE’s intention to ignore Opec production quotas and pump as much crude as it wants is notional, owing to Iran’s blockade on the strait of Hormuz