<\/p>\n
Petrol prices are likely to fall following the agreement<\/p>\n
Markets rallied strongly overnight after Donald Trump and Iran agreed on a two-week ceasefire, described by the US President as a \u201cbig day for world peace\u201d.<\/p>\n
In a textbook negotiation, both sides claimed victory, prompting the oil price to fall and equities to make strong gains, but with conditions on each side that could see the resumption of hostilities.<\/p>\n
However, an easing of supplies could see the UK government harden its resistance to more North Sea oil drilling.<\/p>\n
Brent crude was trading at $95.66 a barrel, well off recent peaks, though still higher than the $70 before the conflict began at the end of February.<\/p>\n
Stock indexes in the Asia-Pacific region rose this morning. Japan\u2019s Nikkei 225 gained by 5% while South Korea\u2019s Kospi jumped by nearly 6%. Hong Kong\u2019s Hang Seng was up by 2.8%, while US stock market futures also pointed to a higher open for Wall Street and London equities are also expected to open higher.<\/p>\n
Iran said it had agreed to reopen the Strait of Hormuz after Mr Trump accepted its 10-point plan as the basis for further talks which will begin on Friday, overseen by Pakistan.<\/p>\n
Mr Trump said there was no question that the US had won a \u201ctotal and complete victory\u201d. This morning he posted on Truth Social to say it is a \u201cbig day for World Peace! Iran wants it to happen, they\u2019ve had enough! Likewise, so has everyone else!\u201d<\/p>\n
He said the US will be \u201chelping with the traffic buildup in the Strait of Hormuz\u201d and promised investment in the region.<\/p>\n
\u201cThere will be lots of positive action! Big money will be made. Iran can start the reconstruction process. We\u2019ll be loading up with supplies of all kinds, and just \u201changin\u2019 around\u201d in order to make sure that everything goes well. I feel confident that it will. Just like we are experiencing in the US, this could be the Golden Age of the Middle East!\u201d<\/p>\n
In an interview with Agence France Presse after his announcement, he said that Iran\u2019s enriched uranium would be \u201cperfectly taken care of\u201d under the deal. \u201cOr I wouldn\u2019t have settled,\u201d TMr rump said,\u00a0suggesting that China had been influential in securing the agreement. Asked about the risk of conflict flaring up again, he replied: \u201cYou\u2019re going to have to see.\u201d<\/p>\n
Israel said it supports Mr Trump\u2019s decision to suspend strikes against Iran for two weeks \u201csubject to Iran immediately opening the straits and stopping all attacks on the US, Israel and countries in the region.\u201d However, Lebanon is not included in the deal, despite Pakistan and Iran saying it did.<\/p>\n
Before the announcement of a ceasefire, there was increased pressure on the UK government to allow more drilling in the North Sea and to scrap the energy profits levy.<\/p>\n
Chancellor Rachel Reeves had been minded to lift the levy in the Spring Statement but was deterred from doing so because of the tension in the Middle East.<\/p>\n
Her continued resistance to support more activity in the North has led industry sources to accuse her of blocking \u00a317.5 billion of investment which would reduce the UK\u2019s reliance on oil and gas imports.<\/p>\n
However, the ceasefire may harden the government\u2019s reluctance to allow more production despite suggestions that even the hardline Energy Secretary Ed Miliband will allow the Jackdaw gas field to go ahead.<\/p>\n
Labour ministers have insisted that the crisis points to greater investment in fossil fuel alternatives to meet the country\u2019s energy needs.<\/p>\n
Nigel Green, chief executive of global financial advisory giant deVere Group, said: \u201cDrivers will feel some short-term relief as petrol and diesel prices edge lower, and markets are reacting strongly to the pause.<\/p>\n
\u201cBut oil remains elevated, and that continues to feed through the entire economy, into prices, business costs and investment decisions.\u201d<\/p>\n
\u201cThis gives companies a bit of breathing space, but costs remain high. Many firms will hold prices where they are because margins have already been squeezed, and that means consumers continue to feel the pressure. <\/p>\n
\u201cSmaller firms remain especially exposed, with less flexibility to absorb rising costs. Large companies can manage some of the pressure. Smaller businesses often pass costs on or take the hit themselves, which affects pricing, hiring and investment.\u201d<\/p>\n
The implications for interest rates remain central. Elevated oil prices continue to influence inflation, complicating decisions for the Bank of England.<\/p>\n
\t #Oil #price #falls #Iran #agree #ceasefire #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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