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

The global oil price has soared above $126 a barrel, its highest level since 2022, after Donald Trump warned 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”

Air France-KLM cuts capacity growth forecast amid expected $2.4bn fuel bill rise

Air France-KLM has cut its capacity growth forecasts for this year as the Iran war drives up its fuel costs by billions of dollars.The French-Dutch airline expects its fuel bill to increase by $2.4bn (£1.8bn) this year as a result of the surge in costs since the Middle East conflict began. In response, it has trimmed its expectations for capacity growth to between 2% and 4% this year, down from 3% to 5% previously

Last Beefeater and Brewers Fayre restaurants to close, with loss of 3,800 jobs, Premier Inn owner says

Premier Inn owner Whitbread is to cut about 3,800 jobs in the UK and Ireland and shut its remaining Beefeater and Brewers Fayre restaurants as it resets its five-year business strategy, amid tax rises and pressure from a US activist investor.The cuts will affect about 12% of Whitbread’s 30,000-strong workforce in the UK and Ireland working in its Beefeater and Brewers Fayre restaurants, which are usually located next to, or inside, Premier Inn hotels. The company said consultations with affected employees would begin immediately.Whitbread said it expected to retain a “significant proportion” of staff affected and would try to find them alternative roles, given it hires about 15,000 people each year.The cuts come after Whitbread began a new review of its business in November, a year after it first announced its five-year plan, after it was hit by higher costs in the chancellor’s budget

‘Nightmare’ queues and missed flights: a turbulent start to EU entry-exit system

Some travellers passing through the new EU entry-exit system (EES) have faced huge delays at border checks, with some waiting for up to three hours, airports say.The new rules have gradually been introduced in Europe since October 2025, and came into effect on Friday in the Schengen countries – 25 of the EU’s 27 states plus Iceland, Norway, Liechtenstein and Switzerland.Hundreds of people responded to a Guardian online callout to share their experiences of travelling to Europe since the rules came into effect. Though some said they had a problem-free journey, many reported severe delays, which have caused some to miss their flights.Travellers described problems with fingerprints not being accepted and additional delays when travelling with children

Rising costs forcing 3m UK households to skip meals, Which? report finds

Three million UK households are being forced to skip meals as consumers resort to drastic measures to deal with rising costs, according to a Which? report published on Thursday.The conflict in the Middle East and subsequent surge in oil and raw material prices has led to businesses preparing to raise prices, putting more pressure on household finances and hitting consumer confidence.The Which? consumer insight tracker for the month to 10 April shows a fall in consumer confidence to -62. This is the lowest level since the peak of the cost of living crisis in 2022 and down from -56 the previous month.Most adults – 71% – believe the UK economy will deteriorate in the next 12 months, with only 9% predicting it will get better

Jerome Powell to stay on Fed board after central bank holds rates steady in defiance of Trump

The US Federal Reserve chair, Jerome Powell, will remain on the central bank’s rate-setting board after his term as chair ends in May, a contentious move that signals continued uncertainty at the Fed.Powell made the announcement after the Fed board on Wednesday left interest rates unchanged for the third time this year, despite Donald Trump’s continued demands for rate cuts.Before Wednesday, Powell said he would step down from the board when the White House’s investigations into renovations at the Fed are “well and truly over with transparency and finality”. Powell’s term as chair ends on 15 May. His term as Fed governor ends in January 2028