Middle East war creating ‘largest supply disruption in the history of oil markets’

Oil markets are facing the “largest supply disruption in history” as the war in Iran continues to block tankers from shipping millions of barrels of crude each day, the world energy watchdog has warned.The International Energy Agency (IEA) said the supply shock ignited by Iran’s effective blockade of the strait of Hormuz meant the world faced a deeper crisis than after the Yom Kippur war of 1973 and the 2022 outbreak of war in Ukraine.The warning came as Iran issued a statement that was said to be the first from its new supreme leader, Mojtaba Khamenei, to call for the vital trade artery to “remain closed”, in a blow to hopes of a resolution to the crisis.In response, global oil prices passed $100 (£75) a barrel on Thursday as widespread Iranian attacks on energy facilities in the Middle East overshadowed a vast release of government reserves.In an attempt to calm concerns over oil supplies, the IEA ordered the largest release of government reserves in its history on Wednesday, when its 32 members unanimously agreed to release 400m barrels of emergency crude

Antibiotics need coordinated G7 investment | Letter

Recent coverage of the pipeline of new antibiotics (Pipeline of new drugs to fight superbugs is ‘worryingly thin’, experts warn, 11 March) is a timely reminder that antimicrobial resistance is one our most urgent health crises. The reason the pipeline is so thin is a fundamental market failure.One of the most logical ways to protect antibiotics is to limit their use to the most essential cases, but this means fewer antibiotics sold. If revenues are limited, companies have less incentive to invest in developing and manufacturing new antibiotics. This is where policy intervention is crucial

UK regulator examines IT glitch that enabled bank customers to see others’ accounts on app

The UK information regulator is examining an IT glitch that enabled some customers of Lloyds, Halifax and Bank of Scotland to see other users’ transactions when they logged into their banking app.The Information Commissioner’s Office (ICO) said it was “aware of an incident affecting some online banking services” and that it would make inquiries.Worried bank customers posted on social media they feared they had been hacked when they checked their account and were greeted with the details of other people’s finances, including cash withdrawals and benefits payments.In a Facebook post, the consumer champion Martin Lewis said people had been messaging about “being shown other people’s transactions”.In response, the founder of MoneySavingExpert was inundated with close to 2,000 comments from worried bank customers

Middle East war creating ‘largest supply disruption in the history of oil markets’, as Brent crude hits $100 again – as it happened

Time to recapOil prices have jumped again after a statement from Iran’s new leader said the crucial Strait of Hormuz should remain closed.Brent crude has climbed by 10% to over $101 a barrel, on track to end the day over the hundred dollar a barrel mark for the first time in the crisis.US crude is also up 10% at $96.55 a barrel.Crude prices jumped after Iran’s supreme leader, Ayatollah Mojtaba Khamenei apparently called for national unity and said that all US bases in the region should close or face attacks

John Lewis pays first annual staff bonus in four years as profits rise

The owner of John Lewis and Waitrose has paid an annual bonus to workers for the first time in four years after underlying profits rose by 6%.The retail group’s 69,000 employees – which it calls partners – will share £35m, the equivalent of 2% of salary, after it recorded an increase in sales and profits. The payout amounts to about one extra week of pay.Sales at the John Lewis Partnership rose 5% to £13.4bn and profits increased to £134m in the year to 31 January, slightly behind expectations in what the chair, Jason Tarry, called “a subdued market”

Welsh Water to pay £44.7m after ‘unacceptable’ sewage works failings

Welsh Water is to pay a proposed £44.7m after the industry regulator found “serious and unacceptable” breaches in the supplier’s sewage and network services.The water authority for England and Wales, Ofwat, said the non-profit Dŵr Cymru, or Welsh Water, failed to properly operate, maintain and upgrade its wastewater network to ensure it could cope with levels of sewage.Ofwat also found the company also did not have “adequate processes in place or oversight by senior bosses”.The planned enforcement package will include £40