IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock May 13, 2026 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 [...]
As it happened: Market jitters as Streeting set to make bid against Starmer May 13, 2026 Good morning and welcome back to the City AM liveblog. UK borrowing costs are taking a modest breathe this morning after settling much higher yesterday after a session jam-packed with political turmoil. The 10-year yield on UK gilts spiked ten basis points to over 5.1 per cent on Tuesday. Meanwhile, the 30-year yield soared to [...]
As it happened: Ministers resign as gilt yields at 28-year high May 12, 2026 The Westminster political drama rocked the bond markets with gilt yields surging to a 28-year high. The yield on 30-year gilts surged 13 basis points on Tuesday to hit 5.8 per cent. It comes as nearly 80 Labour MPs have now called for the resignation of the Prime Minister and reports suggest numerous members of [...]
When does fish, chips and mushy peas become an unaffordable luxury? May 12, 2026 When prices rise so high and budgets get so tight, consumers adjust their habits permanently. This is looming in the energy markets as the closure of the Strait of Hormuz will not be resolved any time soon, says Helen Thomas As Ryan, the owner of Harrison’s Fish and Chip shop, said to me on Friday [...]
P&O Ferries hikes prices as Iran war puts holidays on brink May 10, 2026 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 [...]
Shell shares slump after earnings rocket on oil surge May 7, 2026 Shell kicked off a mega share buyback following a bumper first quarter that breezed past expectations on the back of booming oil trading. The FTSE 100 oil major recorded earnings of $6.9bn (£5bn), cruising past the consensus pencilled in by analysts of $6.4bn. It also marked a significant uplift on the $3.3bn pocketed in the [...]
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 [...]
The Strait of Hormuz proves fossil fuels are essential for food security May 6, 2026 Carbon emissions are not a threat to food security – the war in the Middle East is highlighting that the much bigger food challenge for the world is not having enough access to fossil fuels, says Bjorn Lomborg For years, climate campaigners have claimed that our food supply is under grave threat from climate change [...]
Trump officials claim Iran is ‘weaponising global trade’ May 5, 2026 The United States’ most senior military officer has warned that Iran’s sustained assault on commercial shipping threatens to destabilise the world economy, accusing the country’s leadership of deliberately weaponising the global supply chain. General Dan Caine, the former venture capitalist currently serving as chairman of the US joint chiefs of staff, made a stark intervention [...]
After a ‘stunning’ update, what does the future hold for long-suffering BP? April 30, 2026 BP wowed shareholders with its first quarter results – doubling profit and bolstering its balance sheet. But with an activist breathing down its neck, its new boss Meg O’Neill isn’t out of the woods yet, writes Ali Lyon As she sat down to pen her first email to BP’s 100,000 staff, Meg O’Neill opted against [...]