<\/p>\n
Burning oil fields in Iran<\/p>\n
Chancellor Rachel Reeves will join an emergency meeting of G7 finance ministers today to consider the economic fall-out from the US-Israel war with Iran.<\/p>\n
The oil price soared above $100 a barrel, touching $117.58 overnight and trading at about $108 at 7am.<\/p>\n
The G7 meeting will take place virtually at 1.30pm and will be chaired by France, which holds the rotating G7 presidency.<\/p>\n
It comes against an escalations of bombing by both sides over the weekend, with energy infrastructure in Iran and across the Gulf being targeted.<\/p>\n
Some analysts believe that if there is a shutdown of tanker traffic in the Strait of Hormuz it could see record oil prices above $150 a barrel. Petrol prices are now rising.<\/p>\n
Share prices plunged in Asia with South Korea\u2019s KOSPI index falling by more than 6%. Oil\u2019s latest rally follows a 28% jump last week, fuelling concerns of inflationary pressures that could raise living costs. This could also make interest rate cuts less likely.<\/p>\n
The Bank of England had been expected to cut interest rates twice before the US and Israel began striking Iran \u2013 but now, markets are pricing in just a 40% chance of one reduction.<\/p>\n
In a post on Truth Social, US President Donald Trump insisted that the spike would be temporary.<\/p>\n
He wrote: \u201cShort term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for USA, and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!\u201d<\/p>\n
Mr Trump has said he is \u201cnot happy\u201d with Iran\u2019s appointment of Mojtaba Khamenei as its new supreme leader. The president last week called for Iran\u2019s unconditional surrender and said he wanted a say in choosing its new leader.<\/p>\n
Bahrain said it had highest number of casualties in a single strike on the Gulf states since the war began. A drone attack injured 32 civilians, including four children.<\/p>\n
Qatar, Kuwait, the United Arab Emirates and Saudi Arabia also reported attacks overnight. Riyadh said it intercepted and destroyed two waves of drones heading towards a major oilfield. An earlier drone strike hit the US embassy and the State Department has now ordered non-essential government employees to leave the country.<\/p>\n
Officials in Iran have warned that they could broaden attacks on regional infrastructure if Israeli and US strikes on their own facilities continued.<\/p>\n
The Chinese government\u2019s special envoy for Middle East affairs\u00a0Zhai Jun\u00a0said Beijing is willing to work with Riyadh to make \u201cunremitting efforts to maintain peace and stability in the Gulf region\u201d.<\/p>\n
Zhai, who described China as a \u201cgood friend and partner of Saudi Arabia\u201d, is holding talks with Saudi Foreign Minister\u00a0Faisal bin Farhan Al Saud\u00a0and Gulf Cooperation Council (GCC) Secretary General\u00a0Jasem al-Budaiwi.<\/p>\n
In the\u00a0meeting with Prince Faisal,\u00a0external\u00a0on Monday, Zhai expressed \u201cdeep concern over the current tensions in the region\u201d and said that the sovereignty, security, and territorial integrity of the Gulf states should not be violated and \u201cany attack on innocent civilians and non-military targets should be condemned\u201d.<\/p>\n
Zhai also reiterated Beijing\u2019s call of \u201can immediate stop to military operations\u201d.<\/p>\n
\t #Reeves #joins #Iran #crisis #meeting #oil #prices #soars #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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