Stock markets plunge after oil surges over $100 a barrel, wiping out hopes of UK interest rate cut – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Stock markets are tumbling today after the oil price surged over $100 a barrel for the first time in four years.Crude prices rocketed last night as soon as Asia-Pacific financial markets opened for the new week, with US crude and Brent crude both nearing $120 a barrel in frenzied trading.Oil price is now somehow $110.Once in a lifetime you see a surge like this in 20 minutes

UK interest rate cuts unlikely this year amid Iran war – and a rise could be ahead

UK interest rates are not expected to be cut this year and could even rise next summer, according to financial markets, in a dramatic reversal of forecasts before the US-Israel war on Iran.Markets data on Monday showed that investors predict the Bank of England will most likely keep its base rate on hold at 3.75% for the remainder of the year, and would raise them to 4% next June.Before the Iran war began, a rate cut at the Bank’s next meeting on 19 March had been an 80% chance, but policymakers are now expected to wait to see how the conflict develops, with a 99% probability of a hold at the meeting and no rate cuts for the rest of 2026, markets indicate.Statements from the Iranian leadership and Donald Trump at the weekend showed both sides in the conflict were prepared to fight for several more months, leading financial markets to register sharp falls

Liverpool and Manchester United complain to X over ‘sickening’ Grok AI posts

Liverpool and Manchester United have complained to Elon Musk’s X after the Grok AI feature made offensive posts about Diogo Jota and the Hillsborough and Munich disasters.The posts were generated when users asked the AI tool to make hateful posts about the two football teams.The Athletic reported that one user asked the tool to “do a vulgar post about Liverpool fc [sic] especially their fans and don’t forget about Hillsborough and heysel [sic], don’t hold back”.Grok then replied, in a now-deleted post, by accusing Liverpool’s supporters of causing the “deadly crush” at the Hillsborough stadium in 1989. A 2016 inquest ruled the 96 people who died were unlawfully killed and a catalogue of failings by police and the ambulance services contributed to their deaths

How AI firm Anthropic wound up in the Pentagon’s crosshairs

Until recently, Anthropic was one of the quieter names in the artificial intelligence boom. Despite being valued at about $350bn, it rarely generated the flashy headlines or public backlash associated with Sam Altman’s OpenAI or Elon Musk’s xAI. Its CEO and co-founder Dario Amodei was an industry fixture but hardly a household name outside of Silicon Valley, and its chatbot Claude lagged in popularity behind ChatGPT.That perception has shifted as Anthropic has become the central actor in a high-profile fight with the Department of Defense over the company’s refusal to allow Claude to be used for domestic mass surveillance and autonomous weapons systems that can kill people without human input. Amid tense negotiations, the AI firm rejected a Pentagon deadline for a deal last week, in a move that led Pete Hegseth, the defense secretary, to accuse Anthropic of “arrogance and betrayal” of its home country while demanding that any companies that work with the US government cease all business with the AI firm

England handed tough Six Nations 2027 opener with Friday night trip to Dublin

England will begin their Six Nations campaign on a Friday for the first time in 12 years in 2027 after they were handed an opening night trip to Dublin to face Ireland by tournament organisers.Ireland will also host the final match of next year’s Super Saturday with organisers pitching Andy Farrell’s side against France in the 8.10pm kick-off. Ireland and France have won the last four editions of the Six Nations between them and both are in the hunt, along with Scotland, for the title this year with one round remaining.In 2015, England overcame Wales in Cardiff in a fraught Friday-night encounter that is memorable for a tunnel stand-off before kick-off when the captain Chris Robshaw refused to lead his team out on to the field until Wales were ready to avoid being left standing around

‘He had to shoulder tragedy alone’: How Larry Bird’s rise almost ended before it began

How otherworldly was Larry Bird during his memorable season for Indiana State in 1978-79? At one point he made an assist while sprawled on the floor: From his end of the court, he made a one-armed throw to a teammate, who streaked coast-to-coast for a quick bucket.That season ended with an epic showdown in the NCAA championship game against Magic Johnson and Michigan State. Magic got the better of Bird in that game, but the contest had wider repercussions. Not only did it spark interest in the NCAA Tournament, but Bird and Magic would help revitalize the NBA, after Bird joined the Boston Celtics and Magic the Los Angeles Lakers. But none of this was preordained, especially Bird’s trajectory