Oil prices hit six month high amid supply fears triggered by US attacks on Iran
Reeves said yesterday that the Government was following developments in the conflict very closely
OIL PRICE SURGE Oil prices hit six month high amid supply fears triggered by US attacks on Iran
OIL prices yesterday hit their highest levels for nearly six months — amid supply fears triggered by the US attacks on Iran.
Brent crude surged to as high as $81.40 (£60.50) a barrel in early morning trading before dipping back to $76.76 (£57.05) in the early afternoon.
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Analysts say crude prices would rocket if Iran blocks oil being shipped through the key Strait of Hormuz
Credit: Reuters
Analysts say crude prices would rocket if Iran blocks oil being shipped through the key Strait of Hormuz, but so far it has failed to act on its threat.
Experts from Panmure Liberum said closing the strait could disrupt about a fifth of global oil and gas shipments.
They added that the result could be worse than the oil and gas shock in 2022 after Russia's invasion of Ukraine.
The cost of oil has risen sharply since the recent Israel strikes on Iran's nuclear sites, with the US launching an aerial bombing on three facilities over the weekend.
Soaring prices would have a knock-on effect for UK households, both at the petrol pumps and through hikes from energy firms forced to pay more for oil imports.
Chancellor Rachel Reeves said yesterday that the Government was following developments in the conflict very closely.
She told reporters: 'We have seen increases in oil prices in recent days and weeks, which of course will have an impact on the UK economy.
"We recognise the challenge that businesses and families face.'
KIT ASDA STAY
ASDA has scrapped its plans to roll out new staff uniforms next year — with bosses instead focusing on revamping stores and driving down prices.
It had planned darker green polo shirts and more breathable fabrics, which would have been the first overhaul in 12 years.
Sainsbury's scraps in-store changing rooms leaving shoppers furious
Asda said: 'We're focused on getting back on track by lowering prices and excellent service, so have put this change on hold.'
SANTAN DARE
SANTANDER is to allow millions of homeowners to overpay their mortgages so they can get better deals.
The bank told brokers on its hub that those who do so could get access to lower rates if they remortgage or product transfer.
Trinity Financial's Aaron Strutt said: 'Lenders tier rates based on equity, so overpaying a small amount could potentially mean borrowers get cheaper rates.'
ALDI HIRING 1,000 MORE
ALDI is to hire 1,000 new staff by 2026 as it ramps up its supermarkets expansion.
The German budget chain yesterday gave an update on its plans to invest around £650million across Britain by the end of the year, which includes opening 40 stores.
Aldi, which currently has more than 1,050 UK outlets and 45,000 staff, has a long-term goal of 1,500 stores.
A range of new jobs will include store assistants, cleaners and apprentices, as well as management roles.
Recruitment director Kelly Stokes said: 'We're excited to bring more people into the Aldi family.'
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