G7 to discuss release of emergency oil reserves as price tops $100

G7 finance ministers are preparing to discuss the release of emergency oil reserves, according to reports, after the US-Israel war with Iran sent the price of crude above $100 (£75) for the first time since 2022.The ministers will discuss the release of the reserves in a call coordinated by the International Energy Agency (IEA), according to a report in the Financial Times.The emergency meeting would take place at 8.30am New York time to discuss the impact of the Iran war, the FT reported, citing unnamed people familiar with the matter.Three G7 countries, including the US, have so far reportedly expressed support for the release of the emergency reserves, which are held by the IEA’s 32 member countries across the globe

Iran war drives oil prices above $100 a barrel for first time since 2022

Oil prices surged past $100 a barrel for the first time since 2022 as fallout from the US-Israel war with Iran continued to rattle global markets and leading economies moved to tackle a worsening energy supply crisis.A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.At least five energy sites in and around Tehran were hit by strikes, prompting accounts of “apocalyptic” scenes in the Iranian capital. Kuwait’s national oil company also announced a precautionary production cut amid retaliatory attacks by Iran.The strait of Hormuz – one of the world’s most important trade arteries, through which about a fifth of global oil and seaborne gas tankers typically pass – has in effect been closed for a week

Why has the Iran war sparked fears of stagflation for the global economy?

Oil prices continued to surge on Monday, triggering a stark sell-off across some of the world’s leading stock markets amid growing concern that the US-Israel war on Iran could set the stage for a global economic shock.The Middle East conflict has sparked an energy supply crisis that could risk driving up inflation and interest rates, according to economists, who believe growth is set to weaken while prices rise. Fears of stagflation – where economic activity stagnates, but inflation increases – loom large.Here’s what you need to know.The price of key oil benchmarks had already posted their highest weekly gains in six years by the time markets opened on Monday – when they soared to more than US$115 a barrel , surpassing $100 for the first time since Russia’s 2022 invasion of Ukraine

Average UK office attendance ‘settling’ at highest level since before Covid

Workers are heading back to offices across the UK in droves, pushing office occupancy to the highest since before the Covid-19 pandemic, as an expert described the numbers as “no longer in freefall nor in recovery mode but settling”.Investment banks such as Goldman Sachs and JPMorgan Chasehave led the push with strict return-to-office mandates despite anger among many employees about being ordered back to the office five days a week. Companies in other sectors have also increased days in the office but many businesses, including law and accounting firms, still allow staff to work remotely two days a week.Average office attendance in the UK has been above 40% every week since early January, reaching 44.2% in the week to 13 February, according to Remit Consulting’s ReTurn report

Ending UK customs relief on low-value imports could push up prices, BCC says

Removing the UK’s tariff exemption for low-value imports could push up prices and harm small companies and trade, a leading business group has said, as it called for a phased-in approach to ending the “de minimis” rules.The UK government plans to end the tax break on imports of goods worth less than £135, making them subject to customs duty, with the changes to take effect in March 2029 at the latest. The US removed its longstanding de minimis exemption on 29 August. Before that packages valued at less than $800 (£597) were allowed to be shipped into the US tariff-free.The European Union has said it will do the same, and introduce new handling charges for cheaper packages as well

Britain’s job market ‘floundering’ as companies remain cautious about hiring

Britain’s jobs market is “floundering” amid weak hiring demand, with only limited signs of recovery, data has revealed.Companies remain cautious about hiring staff amid cost pressures and economic uncertainty, according to two reports released on Monday. They show the labour market continues to be in a fragile position.A monthly employment index from BDO, an accountancy and consultancy firm, is running at its weakest level in nearly 15 years. It has had its worst reading since March 2011, when the jobs market was still recovering from the financial crash