IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock Economics The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock. The International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April, within [...]
Heathrow passenger volumes drop as jet fuel crisis rocks market Transport & Infrastructure Fewer passengers were heading to Heathrow Airport in April as the war in the Middle East keeps travellers grounded. Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”. For those heading to that particular region, [...]
P&O Ferries hikes prices as Iran war puts holidays on brink Transport & Infrastructure Leading ferry operator P&O Ferries is saddling holidaymakers with up to £50 surcharges as the Iran war threatens to derail Brits’ summer holidays. P&O, which is owned by Dubai-based DP World, has said it will impose one-way surcharges of £27 per vehicle for its route between Hull and Rotterdam, meaning passengers will pay £54 more [...]
FTSE 100 Live: Stocks jump; oil dips below $100 as Trump says Iran deal close May 6, 2026 Good morning and welcome back to the City AM liveblog. Brent crude dipped below $100 at Wednesday lunchtime after Donald Trump has hailed “great progress” towards a “final agreement” with Iran, prompting a rally in the FTSE, Asian markets and Wall Street. In a sudden reversal late last night, President Trump said he will pause [...]
FTSE 100 Live: Gilt yields surge over Starmer fears; Intel, Pinterest shares rocket May 5, 2026 Good morning and welcome back to the City AM liveblog. Gilt yields have risen to their highest rate in nearly thirty years, as markets weigh up the prospect of an ousted Keir Starmer and lurch to a more left-wing government that might follow. The yield on 30-year government bonds rose 11 basis points on Tuesday [...]
UK at ‘greatest risk’ of jet fuel shortage as flights to be cancelled May 2, 2026 Ministers are set to warn the British public that flight cancellations will hit summer holiday plans as new research suggested that the UK is more exposed to jet fuel shortages than other European countries. Heidi Alexander, the transport secretary, is set to tell Brits that there could be flight cancellations this year as she will [...]
Delay fuel duty hike or risk stalling major transport projects, Labour warned May 1, 2026 The government risks stalling key road and rail infrastructure projects unless it extends the freeze to fuel duty, a leading construction industry body has warned. The Construction Plant-hire Association (CPA), which represents more than 2,000 firms providing construction machinery and expertise, told City AM “nothing will get built” if its members pull back from projects [...]
Special relationship: Americans snub champagne in favour of English fizz April 29, 2026 Americans are flocking to English wine and snubbing champagne, the boss of England’s biggest winemaker has said. Kent-based Chapel Down said consumers across the Atlantic are fuelling record demand for English sparkling wine, as the AIM-listed firm bets big on the US market. Chief executive James Pennefather told City AM: “Americans are really embracing Chapel [...]
Retail sales jump as motorists stock up on fuel April 24, 2026 Retailers saw a much-needed sales boost in the last month as Brits rushed to stock up on fuel amid fears that the Iran war could choke global supplies. Total retail sales were up 0.7 per cent in March, compared to a 0.6 fall in February, as fuel sales rose sharply by more than six per [...]
From jet fuel to fertiliser – economic pain is heading West April 6, 2026 A quiet Easter Sunday was abruptly punctured when US President Donald Trump unleashed a brutal, expletive-filled ultimatum to the Iranian regime. In a post on Truth Social, Trump wrote: “Tuesday will be power plant day, and bridge day, all wrapped up in one, in Iran. “There will be nothing like it!!! Open the f***in’ strait [...]