The Bank of England’s Monetary Policy Committee votes to hold the base rate at 3.75%, but warns that energy price shocks from the Iran conflict could force rate hikes within the year.
Brent crude surges past $126 per barrel to a four-year high as US-Iran tensions escalate; Pentagon estimates Iran war cost at $25 billion.
International oil prices surged to their highest level since 2022 after President Trump warned the naval blockade against Iran could last months, as the US seeks international coalition to reopen the Strait of Hormuz.
The Federal Reserve kept interest rates unchanged at its April meeting, with growing divisions among policymakers on future direction. Meanwhile, oil prices surged above $120 per barrel due to the Iran conflict, intensifying inflation concerns.
Brent crude briefly hits $119 per barrel as reports emerge of US plans to extend the blockade on Iranian ports.
International oil prices surge over 5% to $117 per barrel following reports that Trump has instructed aides to prepare for an extended Iranian blockade of the Strait of Hormuz.
Brent crude briefly broke above $120 per barrel, reaching a wartime high after Trump rejected Iran’s latest ceasefire proposal and announced an extended blockade, sending global energy markets into turmoil.
Brent crude oil surged to $119 a barrel on Wednesday, up nearly 7%, as reports emerged that the US is preparing to extend its blockade of Iranian ports, while Tehran threatens to continue disrupting shipping through the Strait of Hormuz.
Nasdaq and S&P 500 close lower on Tuesday as concerns over AI growth prospects and oil prices above $112 weigh on markets ahead of Big Tech earnings.
British Petroleum reports profits more than doubling year-over-year in its first quarter, driven by soaring global oil prices amid the Iran conflict.