Oil prices

Published on
14/07/2026 – 7:53 GMT+2

The price of Brent crude climbed to just over $84 a barrel after soaring nearly 10% on Monday. US benchmark crude was up 1.4% at $79.20 a barrel.

ADVERTISEMENT

ADVERTISEMENT

Oil prices are still below their wartime peak of nearly $120 a barrel, but uncertainty over the future stability of supplies deepened as the US and Iran each asserted they controlled the Strait of Hormuz.

US share futures were down 0.3% as the U.S. launched more strikes on Iran after President Donald Trump said Washington was “reinstating” a blockade on Iran in the strait.

Fighting in the region has kept oil tankers from using the waterway to deliver crude to customers from the Persian Gulf, driving up fuel prices worldwide.

Asia-Pacific shares slip overnight

In Asian trading, Tokyo’s Nikkei 225 lost 1% to 66,574.96 and the Kospi in South Korea declined 3.2% to 6,589.37.

The Shanghai Composite index lost 0.8% to 3,884.32, even though the government reported that China’s exports jumped 27% in June from a year earlier as adoption of artificial intelligence drove strong demand for computer chips and other technology.

Hong Kong’s Hang Seng edged 0.1% higher, to 24,230.46, while in Australia, the S&P/ASX 200 shed 0.5% to 8,767.00.

Monday on Wall Street, the S&P 500 fell 0.8%, coming off its fourth winning week in the last five. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 1.6%.

Chip stocks like Micron Technology helped lead the way lower. Micron fell 4.4%, eating into what had been a stellar rise of 243.1% for the year so far.

Worries are rising that stock prices have shot too high and that the demand may not be sustainable if AI doesn’t deliver as much profit and productivity as expected.

Nvidia fell 3.5%. Because it’s the largest stock on Wall Street by value thanks to the euphoria around AI, it was the single heaviest weight on the S&P 500.

Investors turn to earnings

Much of Wall Street’s attention this week will be on profit reports from companies saying how much they earned during the spring. On Tuesday alone, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo are all releasing their latest quarterly results.

Analysts are forecasting that companies in the S&P 500 index will deliver overall growth of 23.6% from a year earlier, according to FactSet. If they’re right, it would be the second straight quarter of growth better than 20%.

Companies across industries will need to deliver strong growth to justify the big moves their stock prices have made. Indexes are near records despite their sharp recent swings due to worries around AI stocks.

More costly oil would push inflation higher, potentially leading the Federal Reserve and other central banks to raise interest rates. Higher rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.

In other dealings early Tuesday, the US dollar slipped to 162.34 Japanese yen from 162.35 yen. The euro rose to $1.1391 from $1.1381.

Additional sources • AP

Published on 13/07/2026 – 6:56 GMT+2•Updated
6:59

The price of Brent crude, the international benchmark, gained 3.9% to $78.96 per barrel, while the US benchmark crude oil price rose 4% to $74.26 per barrel.

ADVERTISEMENT

ADVERTISEMENT

Prices for both types of crude oil had recently slipped back to the levels seen before the war with Iran began, after the two sides reached an interim agreement to end the conflict and ships resumed transporting oil through the Strait of Hormuz.

However, the United States launched several waves of strikes on Iran early on Monday morning following an Iranian attack on a container ship in the Strait of Hormuz that set the vessel ablaze and left one crew member missing over the weekend. Iran retaliated by targeting countries across the Middle East.

US stock futures fell, with the contract for the S&P 500 down 0.4% and that for the Dow Jones Industrial Average 0.3% lower. Nasdaq Composite futures lost 1%.

In Asian trading, Tokyo’s Nikkei 225 index lost 1.1% to 67,786.86, while in Seoul, the Kospi declined 5.6% to 7,060.69.

Shares in South Korean memory chipmaker SK Hynix, which soared 13% on their Wall Street debut on Friday, slumped 10.6% in Seoul. Its bigger rival, Samsung Electronics, fell 6.7%.

Elsewhere in Asia, Hong Kong’s Hang Seng edged 0.1% higher to 24,202.41, and the Shanghai Composite index shed 1.2% to 3,947.34.

In Australia, the S&P/ASX 200 declined 0.3% to 8,777.00.

US stocks ticked higher on Friday after investors showed sustained appetite for winners of the artificial intelligence (AI) boom. The S&P 500 rose 0.4% and the Dow Jones Industrial Average added 0.3%. The Nasdaq Composite climbed 0.3%.

SK Hynix’s shares jumped after trading began at midday after it raised roughly $26.5 billion by selling American depositary shares at a price of $149 each.

SK Hynix’s stock in Seoul had already surged more than 600% over the past year thanks to enthusiasm for AI. The boom has translated into real profits, driven by soaring demand for computer memory. But it has also raised concerns that AI stock prices have climbed too high and that the world’s spending on chips and data centres will not generate enough productivity and profit growth to justify the investment.

That has led to sharp swings in AI stocks, which have become some of Wall Street’s most influential because of their enormous market values.

Nvidia was the single biggest force lifting the S&P 500 on Friday, rising 4%.

Beyond the uncertainty surrounding AI, investors are turning their attention to the upcoming corporate earnings season.

Companies across industries will need to deliver strong profit growth to justify their elevated share prices, which remain close to record highs. This week will bring earnings reports from many of the biggest US banks, including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo, with several reporting on Tuesday alone.

Concerns about how the continued fighting with Iran will affect the global flow of crude oil are clouding the outlook for both energy costs and overall inflation.

High bond yields have been weighing on financial markets worldwide because more expensive oil and persistently high inflation could prompt the Federal Reserve and other central banks to raise interest rates.

Higher interest rates can help keep inflation under control, but they also slow economic growth and weigh on the prices of all kinds of investments.

Additional sources • AP

Shares fell on Wednesday in Europe and Asia, and oil prices surged nearly 6% after US President Donald Trump said the tentative ceasefire with Iran was over, raising the prospect of renewed military conflict between the two countries.

ADVERTISEMENT

ADVERTISEMENT

Asked whether the memorandum of understanding with Iran was over, Trump told reporters at the NATO summit in Ankara: “To me, I think it’s over. I don’t want to deal with them,” according to Reuters.

This came after US Central Command said its forces struck more than 80 targets in Iran overnight, including command-and-control networks, coastal radar installations, anti-ship missile capabilities and vessels operated by the Islamic Revolutionary Guard Corps (IRGC). Washington also revoked a waiver that had allowed Iran to restart oil exports.

Brent crude, the international standard, jumped more than 6% by 10:45 CEST to $78.79 a barrel, while US benchmark crude rose 6.3% to $74.88 a barrel. Both had declined recently to around the levels seen before the war with Iran began in late February.

The latest flare-up, despite commitments to seek a peaceful resolution to the conflict, has added to uncertainty over oil prices after they fell from their peak well above $100 during the war. It also comes amid worries that the craze for artificial intelligence-related shares has pushed prices beyond the productivity gains and profits likely to result from massive investments in computer chip production capacity and data centres.

“As such, geopolitical headlines will likely determine market sentiment over the coming hours. A further deterioration in the situation could weigh further on equity valuations along with rising stress in technology,” Ipek Ozkardeskaya of Swissquote said in a commentary.

Stock markets fall

In share trading, Germany’s DAX shed more than 2.2%, at around 11 CEST, while the FTSE 100 in London lost 1.5%, and France’s CAC 40 fell more than 2%.

US stock futures were down about 1% at the same time.

In Asia, Tokyo’s Nikkei 225 lost 2.1% to 66,819.05, while South Korea’s Kospi shed 5.4% to 7,246.79.

The South Korean index has soared and then fallen back, briefly surpassing the 9,000 level last month before succumbing to heavy selling in AI-related technology shares such as Samsung Electronics and SK Hynix. Samsung fell 6.3% early Wednesday after dropping about 7% the day before. SK Hynix reversed early gains to fall 5.7%.

Taiwan’s Taiex rose 0.6%. In Hong Kong, the Hang Seng rose 3% to 24,193.56.

Shares in Chinese AI model start-up Zhipu, also known as Z.ai and traded as Knowledge Atlas Technology, rose nearly 14% on Wednesday.

The Shanghai Composite index declined 0.5% to 3,970.88.

On Tuesday, the roller-coaster ride for AI stocks turned lower again, dragging Wall Street down. The S&P 500 fell 0.4%, though the majority of stocks within the index rose.

Losses among AI-related stocks dragged the Nasdaq Composite 1.2% lower, while the Dow Jones Industrial Average fell 0.2%.

Advanced Micro Devices sank 6.5%, Intel shed 9.7%, and Micron Technology lost 4.7%.

SpaceX, which owns the xAI business, fell 6.8% on its first day of trading in the Nasdaq-100 index.

Rivian Automotive dropped 18.1% after the electric vehicle company said it would sell 75 million shares, diluting existing shareholders’ stakes.

In currency trading early Wednesday, the US dollar rose to 162.26 Japanese yen from 162.11 yen. The euro climbed to $1.1426 from $1.1414.

It will come just before the summer holidays

Jet2 is set to make a key announcement on Wednesday.

Shareholders in what is one of Britain’s largest package holiday operators will be eagerly awaiting news on whether US-Iran peace negotiations have helped boost travel demand and stabilise jet fuel supplies as the summer booking season gets under way. Jet2 is set to unveil its full-year financial results on Wednesday, following a turbulent period for the travel sector.

The airline and package holiday giant informed investors it was anticipating an operating profit of between £435 million and £440 million for the year ending March. Passenger bookings for the summer were up in April compared with the same period last year, across both package holidays and flights, fuelling hopes of a bumper season ahead.

Jet2 disclosed that holidaymakers were increasingly leaving it later to book their trips, suggesting that anxiety surrounding the Middle East conflict was pushing travellers towards last-minute decisions.

AJ Bell analysts Russ Mould and Dan Coatsworth said shareholders will be keen to learn how travel demand has held up since US President Donald Trump announced he had struck a peace deal with Iran last month.

“Jet2’s commentary on current trading will be much more important than its full-year numbers to March 31,” they said. “Reports suggest holiday companies have enjoyed a strong bounce in trading since Donald Trump said a peace deal had been agreed with Iran.

“We’ve already seen oil prices return to pre-Iran war levels and there are reports from various holiday companies of a surge in bookings to Cyprus and Turkey.”

Jet2 offers holidays to both destinations and throughout the Mediterranean. The effective closure of the Strait of Hormuz, which had severely restricted shipping since the outbreak of the Iran war, resulted in a drop in the global supply of jet fuel, prompting some airlines to scale back their summer travel schedules.

However, Jet2 moved to reassure holidaymakers in May that its flight schedule would run as normal throughout the summer, and pledged not to impose surcharges on any pre-booked trips to offset the increased costs.

In addition, the company launched its first flights from a brand new base at London Gatwick airport earlier this year, which it hopes will unlock bookings from an extra 15 million potential customers.

Published on 03/07/2026 – 10:07 GMT+2•Updated
10:11

Stock markets across Asia mostly advanced on Friday, taking their cue from a fresh record close for the Dow on Wall Street, as some of the AI-linked shares battered in this week’s sell-off found their feet again while others kept falling.

ADVERTISEMENT

ADVERTISEMENT

The volatility was calmer than the heavy selling seen a day earlier, when worries about stretched technology valuations sent semiconductor shares tumbling across the region.

At the time of writing, South Korea’s Kospi led the bounce, climbing over 4% to recoup part of the nearly 8% plunge it suffered on Thursday. Samsung Electronics, the country’s largest company and a major chipmaker, jumped 7%, while smaller memory rival SK Hynix rose 4.9%.

In Tokyo, the Nikkei 225 added 1%, helped by a 6.6% leap in memory maker Kioxia, although chip-equipment supplier Tokyo Electron slipped 2.5%.

Elsewhere, Hong Kong’s Hang Seng gained 1.7% and the Shanghai Composite rose 0.7%, while Australia’s S&P/ASX 200 advanced 1.3% and Taiwan’s Taiex bucked the trend, easing 0.6%.

As for European markets, both the Euro Stoxx 50 and the broader pan-European Stoxx 600 opened within a 0.3% range.

The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MI, all traded between 0.1% and 0.3% higher.

Spain’s IBEX 35taly’s FTSE MIB led the pack and rose about 0.4%.

Wall Street’s record, a cooler jobs report and oil

US stocks were mixed on Thursday, but the Dow still managed a fresh peak, rising 1.1% to 52,900.

The broader S&P 500 ended virtually flat despite seven in ten of its members gaining, held back by another retreat in chip stocks, while the technology-heavy Nasdaq fell 0.8%.

Sentiment drew support from data showing US employers added 57,000 jobs last month, well below the 100,000 forecast and a slowdown on May.

A softer labour market could ease inflation pressure and, with oil back below its pre-war levels, may lessen the case for the Federal Reserve to raise interest rates repeatedly this year, an outcome investors would welcome.

Crypto-linked shares also firmed as Bitcoin rose about 2%, lifting Robinhood and Coinbase alongside it.

Still, the AI trade remained under strain.

Micron gave up an early gain to fall 5.5%, a day after a 10.6% slump, while Lam Research sank more than 10% and Nvidia, now worth close to $4.7 trillion, edged 1.4% lower.

On oil, Brent crude, the international benchmark, rose 1% to around $73 a barrel early Friday, while US crude added 0.5% to about $69, with prices still sitting below where they were before the Iran war began in late February.

Additional sources • AP

Published on
02/07/2026 – 9:39 GMT+2

Most Asian stock markets dropped on Thursday, dragged down by a wave of selling in semiconductor shares, as European bourses made a subdued start and Wall Street looked set to open in the red before the release of key US employment figures.

ADVERTISEMENT

ADVERTISEMENT

The pullback centred on the technology sector, where investors retreated from the chip stocks that have powered much of this year’s rally, amid growing unease that the vast sums Big Tech is spending on AI could leave the market awash with supply.

South Korea’s Kospi bore the worst of it, tumbling around 5% as its heavyweight chipmakers slid. Memory specialist SK Hynix lost close to 8% and Samsung Electronics fell more than 6%.

In Tokyo, the Nikkei 225 shed about 1.5%, with chip-equipment maker Tokyo Electron down around 5.6%, while Taiwan’s Taiex slipped 1.1% as TSMC, the world’s largest contract chipmaker, gave up 1.8%.

The falls followed a rough session for chip stocks on Wall Street this Wednesday, where Micron Technology dropped more than 10% and Intel sank around 9%.

The moves stand in sharp contrast to a stellar year for Asian tech, with the Kospi and the Nikkei still up roughly 85% and 34% respectively in 2026.

On the other hand, Hong Kong’s Hang Seng rose about 0.8%, lifted by an 8.7% jump in electric-vehicle maker BYD after it reported a second straight monthly rise in sales, while India’s Sensex added 0.5%.

In Europe, markets opened flat as both the Euro Stoxx 50 and the broader pan-European Stoxx 600 traded within a 1% range at the start of Thursday’s session.

The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Spain’s IBEX 35, all traded between 0.1% and 0.3% higher.

Italy’s FTSE MIB led the pack and rose about 0.4%.

Oil extends its slide and US jobs in focus

Crude prices fell again, trading below where they sat before the Iran war began in late February, as hopes grew that supplies through the Strait of Hormuz will steadily recover.

Brent crude, the international standard, eased around 1% to about $70.89 a barrel while WTI, the US benchmark, dropped 3% to roughly $69.

Attention now turns to the US, where stock futures edged lower ahead of the June employment report, brought forward a day because of Friday’s Independence Day.

Economists polled by Dow Jones expect around 115,000 jobs were added last month.

The figure carries extra weight under the new Federal Reserve chair, Kevin Warsh, with investors wary that a strong reading could harden the case for keeping interest rates higher for longer.

According to economists at Capital Economics, demand for AI may keep growing but at a slower pace than many expect, a caution that helped sour sentiment towards the sector.

Additional sources • AP

Millions of Brits are planning to go to Spain this summer

As the summer peak draws near, Brits travelling to Spain are facing a frustrating double blow.

Not only are there long border queues caused by the EU’s new Entry/Exit System (EES), but data has uncovered a huge a dramatic surge in flight delays. New research from AirAdvisor shows that Spanish routes are currently the worst affected for UK travellers, with two popular holiday destinations experiencing a sharp decline in reliability compared to last year. Overall delay rates have more than doubled at Palma in Mallorca, leaping from 3.66% to 7.60%.

Meanwhile, at Alicante Elche airport, delays have nearly tripled, rocketing from 4.39% to 11.73%. This means approximately one in nine departures is running at least an hour late, according to the Majorca Daily Bulletin.

For passengers stuck in the Alicante backlog, the average wait for an already-delayed flight stands at a punishing 124 minutes. This frequently pushes arrival times beyond the crucial three-hour threshold, automatically entitling passengers to claim UK261 compensation.

The travel disruption comes amid a sharp rise in short-haul cancellations across 18 European airports, predominantly affecting budget routes under pressure from climbing oil prices. However, airlines attempting to use market volatility as an excuse to avoid compensation payouts have just been firmly shut down.

The European Commission has made clear that fluctuations in fuel prices are a standard commercial risk, rather than an “extraordinary circumstance.” Should an airline cancel or delay a flight purely because operating costs have become too high, they remain fully liable for passenger compensation.

Published on
22/06/2026 – 8:15 GMT+2

At the time of writing, Brent crude was down 0.91% at $79.12 a barrel, while US West Texas Intermediate (WTI) crude had fallen 0.70% to $75.32 a barrel.

ADVERTISEMENT

ADVERTISEMENT

Lower crude prices reflected broader investor sentiment in early trading after Qatari and Pakistani mediators said the first round of negotiations between the US and Iran aimed at securing a final agreement to end the conflict had concluded with “encouraging progress”.

A memorandum of understanding signed last week includes a commitment to reach a final agreement within 60 days, an end to fighting on “all fronts” – including in Lebanon – and the reopening of the Strait of Hormuz.

Markets mixed as analysts monitor US-Iran negotiations

Meanwhile, Asian stocks were mixed on Monday, with markets in Japan and South Korea trading higher, while US futures traded lower.

Tokyo’s Nikkei 225 jumped 1.6% to 72,364.82 after reaching a new all-time high of 72,831.73 during intraday trading, helped by technology stocks fuelled by enthusiasm over the global artificial intelligence boom.

Japan’s SoftBank Group, the multinational investment holding company with a strong AI focus, rose 2.4%, while chip equipment maker Tokyo Electron gained 2.3%.

South Korea’s Kospi added 0.4% to 9,084.37 and was trading near record highs, led by AI-related shares. Memory chip maker SK Hynix surged 4.7%.

“We’re seeing another strong market today,” Neil Newman, managing director and head of strategy at Astris Advisory Japan, said. He cautioned that the Japanese market was “probably getting a little stretched” from an investor’s point of view, “especially with what’s going on in the Middle East”.

Hong Kong’s Hang Seng fell 1% to 23,690.86, while the Shanghai Composite Index edged 0.2% higher to 4,098.01.

Additional sources • AP

Oil fell sharply in early trading after US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, put their names to an initial accord to halt hostilities, a move expected to restore the flow of crude through the Strait of Hormuz, one of the world’s most important shipping arteries.

ADVERTISEMENT

ADVERTISEMENT

At the time of writing on Thursday morning, the front-month contract on WTI, the US benchmark, was down by 2.3% to $75 a barrel, while Brent crude, the international gauge, traded 2% lower at around $78 a barrel.

Both remain above the roughly $70 level seen before the conflict, but they have fallen well below the peaks of more than $100 reached only weeks ago.

The deal sets a 60-day window for the two sides to negotiate a final settlement on Iran’s nuclear programme, with Tehran agreeing in the interim to dilute its stockpile of highly enriched uranium.

Crucially for energy markets, it lifts US-backed sanctions, allowing Iran to resume selling its oil freely, and clears the way for tankers to move crude out of the Persian Gulf once more.

US President Donald Trump has said the strait will be fully open by Friday and operate without transit charges, a pledge that has encouraged traders to bet on easing supply pressures.

After signing the memorandum of understanding, Trump stated, “oil down, stocks up”, with hand motions.

An oil market still running on depleted reserves

The optimism arrives against a strained backdrop.

In its June Oil Market Report, the International Energy Agency said strategic oil reserves across advanced economies had slipped to their lowest level since 1990, with government stockpiles in OECD countries down by 163 million barrels since the conflict began as emergency releases accelerated.

The agency also trimmed its outlook for global demand, which it now expects to contract through 2026 as elevated fuel prices and supply disruptions bite, before recovering next year.

It cautioned that any rebound in supply may be gradual, citing the slow clearance of mines and continued disruption to shipping routes even with the interim deal in place.

Flows through the Strait of Hormuz had already begun to recover, rising from a May low to around 12 million barrels a day in early June.

Stocks mixed after the Fed signals possible hikes

Equities offered a patchier picture following Wednesday’s losses on Wall Street, where the S&P 500 fell 1.2% after fresh Fed projections showed nearly half of policymakers expect at least one interest rate hike this year.

The Dow Jones Industrial Average shed 1%, and the Nasdaq Composite slid 1.3%.

In his first press conference as Fed chair, Kevin Warsh declined to forecast where rates would end the year and signalled a rethink of how the central bank communicates, dropping the customary hints about future policy direction from its statement.

US President Donald Trump, who had long pressed Warsh’s predecessor to cut rates, was unusually relaxed about the outcome.

“It’s all right. Whatever,” Trump told reporters in France as he attended the G7 meeting.

Asked about the prospect of a hike, he said it was “hard to believe” but that, with Warsh now in place, he was “guided by what he wants.”

US stock futures pointed higher early on Thursday, with contracts on the S&P 500 up 0.9% and on the Nasdaq Composite around 1.4% higher.

In Asia, Tokyo’s Nikkei 225 and South Korea’s Kospi both jumped 2.3%, helped by hopes for an end to the Iran war and strong demand for technology shares.

European trading was more subdued, with the Euro Stoxx 50 rising 1% but the broader pan-European Stoxx 600 trading flat.

The UK’s FTSE 100, Germany’s DAX 30, Italy’s FTSE MIB, Spain’s IBEX 35, the Netherlands’ AEX, and Switzerland’s CH20 all traded between 0.4% and 0.8% higher than their Wednesday close.

France’s CAC 40 led the pack and jumped roughly 1.3%.

Additional sources • AP

Published on
15/06/2026 – 10:09 GMT+2

Crude prices retreated on Monday as US President Donald Trump confirmed a peace agreement with Iran and both sides announced a lifting of their respective blockades of the Strait of Hormuz.

ADVERTISEMENT

ADVERTISEMENT

At the time of writing, the front month contract on US West Texas Intermediate (WTI) crude was down almost 6% from Friday’s close to roughly $80 per barrel, while Brent crude, the international standard, dropped around 5% to about $83 per barrel.

The specific concessions made by each side are still unclear and there are questions surrounding whether the Prime Minister of Israel will respect the withdrawal of troops from southern Lebanon, which, according to the Prime Minister of Pakistan is included in the deal.

Benjamin Netanyahu has yet to publicly address the US-Iran deal, or the issue of Lebanon, and CNN has reported that the Prime Minister of Israel is seeking an urgent meeting with US President Donald Trump after this week’s G7 summit.

Nonetheless, markets are reacting swiftly to the prospect of the Strait of Hormuz slowly reopening and the potential that the Iran war is closer to ending than reigniting.

The freshly announced peace deal is currently expected to be signed on Friday.

European, Asian and US markets

At the open, European markets also rose on the news that there is meaningful progress in ending the Iran war.

Both the Euro Stoxx 50 and the broader pan-European Stoxx 600 traded over 1% higher at the start of Monday’s session.

The UK’s FTSE 100, Germany’s DAX 30, Italy’s FTSE MIB, Spain’s IBEX 35, the Netherlands’ AEX and Switzerland’s CH20, all traded between 0.5% and 1% higher than their Friday close.

France’s CAC 40 led the pack and rose almost 1.5%.

In the US, S&P500 futures traded over 2% higher and the teach-heavy Nasdaq 100 rose more than 3%.

In other trade dealings on Monday, Asia-Pacific markets jumped overnight with South Korea’s Kospi climbing over 5%, recovering from a 4% drop on Friday, while Japan’s Nikkei 225 also traded roughly 3% higher.

Australia’s S&P/ASX 200 rose 0.8%, while Hong Kong’s Hang Seng Index jumped about 0.5% and Shangai’s SSE climbed over 1.5%.

Investors are bracing for an ECB rate hike on Thursday. Markets expect the European Central Bank to raise rates by 25 basis points, which could weigh on growth and corporate earnings. Investors are also awaiting guidance on whether further hikes will follow.

ADVERTISEMENT

ADVERTISEMENT

ING said in an analysis on Thursday morning that: “We expect the ECB to hike by 25 basis points from 2.0% to 2.25%, supported by a hawkish tone, but the bar has risen to surprise markets. Despite oil prices testing new lows earlier this week, the EUR curve is increasingly set on three rate hikes.”

Stock markets across Europe opened in positive territory despite the drop in Asian shares following another sell-off in AI-related stocks on Wall Street on Wednesday.

The Euro Stoxx 50 opened 1.2% higher but the broader pan-European Stoxx 600 rose was flat in early trading.

Germany’s Dax and France’s CAC 40 were both up by 1%, while the UK’s FTSE 100 led with a 1.2% gain. Meanwhile, Italy’s FTSE MIB rose by 0.7%.

In other dealings, Asian shares mostly fell on Thursday after another sell-off in artificial intelligence stocks weighed on Wall Street, while oil prices rose.

Japan’s Nikkei 225 lost 0.5%, South Korea’s Kospi fell 0.2%, and Australia’s S&P/ASX 200 slipped 0.2%. Taiwan’s Taiex declined 0.4%.

Hong Kong’s Hang Seng index edged 0.2% higher, while Shanghai’s Composite index dropped 0.2%.

On Wall Street, on Wednesday, the S&P 500 fell 1.6%, marking its first consecutive decline in three weeks. The Dow Jones Industrial Average dropped 1.9%, while the Nasdaq Composite lost 2%.

Wall Street has been unsettled since last week, when AI stocks reversed course after hitting record highs. Investors are weighing whether the recent pullback has eased concerns over excessive optimism or signals the beginning of a more prolonged downturn.

Super Micro Computer, which sells AI servers, plunged 28% after announcing late on Tuesday plans to raise $7 billion through sales of common stock and convertible preferred shares. Companies often seek to raise capital when share prices are elevated, though such moves can dilute existing shareholders’ stakes.

Micron Technology swung between gains and losses before ending down 4.7%. The stock has experienced sharp volatility in recent sessions, having fallen 7.7% last Thursday, dropped a further 13.3% on Friday and then rallied 9.9% on Monday. Despite the swings, its shares remain up 212.5% so far this year.

Nvidia, the chipmaker that has grown into a nearly $4.9 trillion company on the back of the AI boom, was the biggest drag on the S&P 500 after falling 3.7%. Broadcom, another major AI beneficiary, lost 5.1%.

Some pressure on AI-related shares may also be linked to investors raising cash ahead of several high-profile stock market debuts in the United States. SpaceX’s initial public offering could take place later this week.

Weakening stocks for companies with big fuel bills also pulled the market lower. United Airlines sank 6.2%, and cruise operator Carnival fell 6.3% after oil prices rose due to the latest fighting in the war with Iran.

Oil prices and US inflation

Brent crude rose 1.8% to $93.10 a barrel on Wednesday after President Donald Trump warned that Iran would “pay the price” for stalled negotiations between the two sides over the conflict. The war has effectively closed the Strait of Hormuz to oil tankers, disrupting crude shipments from the Persian Gulf to customers worldwide.

Higher oil prices have added to inflationary pressures. A report released on Wednesday showed US consumer prices rose in May at the fastest annual pace in three years.

Traders are increasingly betting that the Federal Reserve will need to raise its benchmark interest rate at least once this year in response to persistent inflation and a resilient labour market.

Higher yields can slow economic growth and weigh on a range of investments, including stocks and cryptocurrencies. They tend to hit the most highly valued assets hardest, and some critics argue that enthusiasm around AI has inflated a market bubble.

In early European trading, Brent crude was up by 0.5% at $93.60 a barrel, while US benchmark crude gained 0.7% to $90.70.

The US dollar traded at 160.58 Japanese yen in the morning. The euro rose slightly to $1.1542, and the UK pound cost $1.3377.

The gold prices dipped by 0.6% to $4,109.60 an ounce.

As the rally in AI stocks fades, investors were cautious at the open on Friday, with European markets opening to mixed sentiment following steep falls in Asian markets.

ADVERTISEMENT

ADVERTISEMENT

Indices in London and Frankfurt quickly moved into negative territory, with the FTSE 100 dropping nearly 0.4% and the DAX losing 0.3% right after the opening. The Paris CAC 40 and the IBEX 35 in Madrid were both up 0.3%, while Milan’s main index was flat. So was the EURO STOXX 50, a benchmark index of 50 blue-chip companies from the eurozone.

Investors are awaiting the latest US non-farm payrolls report and keeping an eye on developments in the Middle East.

The US job data is important for forecasting what the Fed’s next move could be. Kathleen Brooks, research director at XTB, said in a market note, “There is now a near 40% chance of a rate hike by year-end. We expect financial markets to be extremely sensitive to today’s data,” adding that this will be the first such report with Kevin Warsh as chairman of the Federal Reserve.

In the UK, the latest data from Halifax showed that house prices unexpectedly declined in May. House prices fell 0.1% month on month, but were still up 0.5% year on year, missing expectations for a 1% jump.

Oil markets are awaiting further direction

Oil prices stabilised after falling on Thursday. Brent crude, the international benchmark, was slightly down and traded at $94.73 per barrel at 10:00 CET. It had been trading at about $70 per barrel before the start of the war in late February.

Benchmark US crude was little changed at $92.51 a barrel.

Oil prices remain under pressure as the Strait of Hormuz, a narrow waterway crucial for global oil and natural gas transport, remains effectively closed, and the war-induced energy shock is threatening to slow economic growth and fuel inflation in many countries.

American and Iranian negotiators reached a tentative deal last week to extend their ceasefire, but the agreement has not been finalised. Meanwhile, developments in Lebanon have cast doubt on the prospects for a permanent end to the conflict.

On Thursday, the Iran-backed Lebanese militant group Hezbollah rejected the latest ceasefire agreement between the Lebanese and Israeli governments.

“While there are few signs of progress in US-Iran talks, the oil market continues to trade on expectations of an imminent deal that would resume flows through the Strait of Hormuz,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a report.

Asian markets lose steam as AI craze cools

Wall Street rallied on Thursday after falling oil prices and bond yields eased pressure on US stocks. Banks, small-cap companies and other stocks that had previously been left behind by the euphoria around artificial intelligence led the gains.

Banks also helped lead the market, including gains of 5% for Goldman Sachs, 4.7% for Fifth Third Bancorp and 4.4% for U.S. Bancorp.

They helped to more than make up for losses among some AI stocks, which took a sudden back seat after dominating the market. Analysts have been saying AI stocks may have run too high, becoming too expensive, and that the broader US stock market may be set for a slowdown following an unrelenting streak of nine straight winning weeks for the S&P 500, its longest since 2023.

On Wall Street on Thursday, computer chipmaker Broadcom’s shares sank 12.6% after it issued guidance that fell short of investors’ expectations, raising concerns about the wider AI and technology sector.

US memory chip maker Micron Technology dropped 7.7%, and cybersecurity company CrowdStrike Holdings fell 3.8%.

Still, the benchmark S&P 500 climbed 0.4%, and the Dow Jones Industrial Average gained 1.7% to a record high. The tech-heavy Nasdaq Composite edged 0.1% lower.

But in Asia, investors dumped key AI-related shares, with South Korea’s SK Hynix plunging 8.6% and Samsung Electronics shedding 5.4%.

The Kospi dropped 5.1% to 8,199.44. The index has roughly doubled over the past year, lifted by gains in major technology companies.

Japan’s Nikkei 225 slipped 1.3% to 66,573.85, with technology shares leading the decline, even as official data showed that Japan’s real wages rose for the fourth consecutive month. Chip equipment maker Tokyo Electron’s shares fell 7%.

Hong Kong’s Hang Seng declined 1.2% to 24,948.96, while the Shanghai Composite Index fell 0.3% to 4,045.45.

Australia’s S&P/ASX 200 fell 0.7% to 8,623.50.

Taiwan’s Taiex gave up 1.3%, while India’s Sensex was up 0.1%.

In other trading early on Friday, the US dollar fell to 159.96 Japanese yen from 160.03 yen. The euro was trading at $1.1635, up 0.2%. Gold prices were down 0.3%, trading at around $4,490.70.

It comes as hundreds of thousands of Brits leave the UK for a break

Jet2 has released an update regarding its half-term travel operations. This follows ongoing concerns about the potential impact of the US-Iran war and jet fuel supplies, though airlines including Jet2 and Ryanair have maintained there will be no immediate disruption.

In its statement released today (Wednesday, May 27), Jet2 revealed it had experienced its busiest weekend on record. It announced that it had seen an unprecedented number of passengers departing from airports across the UK for the May half-term break.

The most popular destinations during half-term included the Balearics, Canaries, Turkey, Mainland Spain, Portugal, Greece, Cyprus, Malta, Croatia and Bulgaria, as travellers capitalised on the key holiday period.

Jet2 is preparing for a hectic summer season and has an extensive programme available, with a fleet of 139 aircraft transporting passengers on their getaways from 14 UK airports to locations across Europe, the Mediterranean, Canary Islands and North Africa.

Steve Heapy, CEO of Jet2, said: “This weekend saw us operate a record-breaking weekend, as customers took advantage of the bank holiday weekend and May half-term and took off to the sunshine. Given the number of customers who travelled with us over the weekend, it is very clear how much people want to get away and enjoy their well-deserved holidays. With our famous Red Team looking after customers, holidaymakers can look forward to creating memories and be assured of a wonderful holiday.

“Everything is geared up and ready for a busy summer and our message to holidaymakers is that summer is very much on. We have always been very clear about our plans to operate as normal this summer, and the busy weekend shows just how eager customers are to get away.”

This follows the firm reassuring passengers that ‘summer is on‘ despite mounting concerns over jet fuel availability. The optimistic stance comes after the airline and tour operator received encouraging updates from fuel suppliers, who have confirmed increased production and extra imports of jet fuel.

It follows a report published just last week which saw Jet2 top a UK resilience ranking as the best protected UK airline against elevated fuel costs.

Ryanair boss Michael O’Leary echoed similar views on jet fuel, stating he had ‘no issues over jet fuel supply right now through to the end of September‘. However, he cautioned that he was ‘very concerned about the price of oil’ due to the ongoing disruption at the Strait of Hormuz.

This could result in ‘airlines failing all over Europe’, he warned. Ryanair, Europe’s largest airline by passenger numbers, announced on Monday that future profits would also likely take a hit.

To combat rising fuel prices, a UK holiday park is offering to reimburse guests through its newly launched ‘Fuel Cover’ scheme this summer

One of Britain’s largest holiday park operators is offering to reimburse fuel costs for guests travelling to their locations, as prices keep climbing. With oil prices at their highest level since 2022 because of tensions in the Middle East, petrol, diesel, and aviation fuel prices are being transferred to consumers.

As a results, Hoseasons is offering to refund the money spent getting to their sites this summer, through its recently introduced ‘Fuel Cover’. It comes after research revealed 15.4 million Brits (28%) have altered holiday plans this year because of increasing costs.

Nearly six in 10 of the 2,000 adults surveyed said the expense of going away, including travel, fuel, and spending while there, are deterring them from booking a trip this summer.

“UK breaks remain a hugely popular option for families looking for flexibility, value and quality time together, giving people the chance to properly switch off and reconnect closer to home,” Simon Altham, chief operating officer for the brand said.

“We know rising travel costs are becoming a bigger consideration for many holidaymakers this summer. Fuel, in particular, can quickly add to the overall cost of a trip, especially for families travelling during peak holiday periods.

“That’s why we wanted to help ease some of that pressure and support people continuing to take the UK breaks they were already planning this summer.”

The research, carried out on behalf of the brand, revealed that 7.6 million (27%) of those planning a UK holiday admitted they will cover shorter distances for a domestic getaway this year, with those driving expecting to spend an average of £68 on fuel.

Amongst those still intending to take a break, 26% have set a reduced overall budget for their trip, while 23% are seeking self-catering accommodation. Similarly, many stated they are actively hunting for cashback or money-saving deals prior to booking.

Two thirds believe holiday firms need to do more to encourage people to book trips in the current climate.

Hoseasons customers can claim back up to £75 in fuel costs through its new Fuel Cover initiative per booking between 20 May and 30 August for travel before 30 September. Bookings must be made by phone and quoting the code “FUEL75”.

Simon Altham from Hoseasons said: “Travel costs are one of the biggest considerations for holidaymakers at the moment. Fuel, in particular, can quickly become one of the biggest extra costs for families travelling during peak holiday periods.

“That’s why we’ve designed the offer to ease some of the pressure and help families make the most of their summer breaks.”

Current events are causing all sorts of problems, according to a currency exchange expert

Brits heading abroad this summer are being given a new warning.

Towards the close of last week, Sterling dropped to a three-week low against the Euro and a five-week low against the US Dollar, spelling trouble for Britons travelling overseas. The decline, according to a foreign exchange expert, stems from two key factors.

Tony Redondo, founder of Newquay-based Cosmos Currency Exchange, explained: “Firstly, markets are worried that Britain is heading towards a period of political instability. Secondly, they are worried about how the UK economy will cope with an expected rise in inflation.

“Though inflation fell to 2.8% today, it is expected to rise, potentially sharply, in the months ahead as the impact of rising oil prices due to the conflict in the Middle East hits the UK economy in full. If markets believe higher inflation makes UK gilts a not–so-safe bet, that will apply further downward pressure on Sterling.”

Tony noted the weakened Pound was hammering holidaymakers venturing abroad, as their money was now “plummeting” in value against currencies like the Euro and Dollar – a situation that “could get worse in the weeks and months ahead”.

However, he highlighted that a struggling domestic economy and Sterling’s persistent fragility was prompting an increasing number of businesses to fundamentally reconsider how and where they sell their services.

Tony added: “If they’re anything, the UK’s businesses are resilient and proving they can adapt. During 2026 to date, we’ve seen a sharp rise in UK businesses moving away from difficult domestic conditions and looking for customers overseas.

“Rather than having all their eggs in one UK economic basket, a growing percentage of UK firms are now marketing and selling their products and services online to customers in Europe, America, Canada, Australia and even Singapore and Hong Kong.

“If there’s one silver lining to the weak UK economy, it’s that many traditionally domestic UK small businesses have become international ones, as they cast their nets ever wider in search of customers and profit.

“The ability to ply your trade internationally has never been easier and it can massively boost a company’s bottom line.”

Industry leaders have not ruled out fuel shortages this summer

Airlines will not be able to continue “absorbing the cost” of disruption caused by the closure of the Strait of Hormuz in the long term, according to the director general of the International Air Transport Association. Willie Walsh told the BBC there was no need to panic over potential jet fuel shortages, but warned rising fuel prices would inevitably feed through into higher ticket prices.

He said: “There’s just no way airlines can absorb the additional costs they’re experiencing. There may be some instances where airlines will discount to stimulate some traffic flow… but over time it’s inevitable that the high price of oil will be reflected in higher ticket prices.”

While Mr Walsh did not think there would be widespread cancellations, he added: “I think the concern will be that if sufficient alternative supply isn’t sourced, there may be some shortages when we get into the peak summer period.”

Last week, British Airways’ parent company IAG warned its profits will be hit as it expects to spend about two billion euro (£1.72 billion) more than planned on fuel this year. Chief executive Luis Gallego said IAG does not believe there will be “any interruption for the summer” in terms of jet fuel supplies.

Earlier this month, Transport Secretary Heidi Alexander said summer holiday plans will not face major disruption because of shortages. She revealed that more fuel has been imported from America, and UK refineries have upped their production.

The Government has also introduced a temporary rule change allowing airlines to group passengers from different flights together onto fewer planes to save fuel. It comes amid data that showed airlines have increased the number of flight cancellations for May.

Aviation analytics company Cirium said that as of Tuesday, airlines have axed 296 departures from UK airports this month, equivalent to 0.75% of the total. That is up from 120 cancellations six days ago.

Figures for the peak summer months show week-on-week schedule reductions are currently limited. The number of outbound flights planned for June is 48 lower than a week ago, after 0.2% of flights were cancelled.

For July the week-on-week reduction is 31, while the figure for August is just four. Airlines avoid being liable for compensation if they axe a flight with at least two weeks’ notice, meaning they can delay decisions on summer cancellations and still avoid payouts.

The price of jet fuel has more than doubled since the start of the war in the Middle East, as Iran continues to have a stranglehold on tankers passing through the Strait of Hormuz. A Government spokesperson said: “UK airlines are clear that they are not currently seeing a shortage of jet fuel.

“Aviation fuel is typically bought in advance and airports and suppliers keep stocks of bunkered fuel to support their resilience. We continue to work with fuel suppliers, airports, airlines and international counterparts to keep flights operating.

“We are also consulting on measures to help airlines plan realistic flight schedules which will avoid last-minute disruption and protect holidays.”

Published on 11/05/2026 – 7:59 GMT+2•Updated
8:11

Oil prices surged in early trade as investors digested the latest developments in the Middle East, with both Brent and US crude climbing over 4%.

ADVERTISEMENT

ADVERTISEMENT

It comes after Trump’s rejection of Tehran’s response to the latest US proposition on bringing the conflict in Iran, and subsequent impact on trade passing through the Strait of Hormuz, to an end.

In other trading, US futures edged lower, while Tokyo’s Nikkei 225 fell 0.4% to 62,486.84 after briefly reaching another record high in intraday trading at above 63,300.

South Korea’s Kospi gained 4.1% to 7,804.71. It also hit an all-time intraday high, led by gains from tech-related stocks including Samsung Electronics and memory chip maker SK Hynix.

Technology-related stocks and growing artificial intelligence-related interest have supported markets in Japan and South Korea despite the Iran war, with the Nikkei 225 and Kospi rising more than 10% and 30%, respectively, over the past month.

Meanwhile, Donald Trump will head to China this week for talks with his counterpart, Xi Jinping. The two leaders are expected to discuss a wide range of topics, including trade concerns.

The Department for Transport has also given its latest advice

People from the UK heading abroad for the Spring Bank Holiday are being given the latest advice on holidays amid growing fears over jet fuel shortages and flight disruption. Travel experts say flights are continuing to operate “as planned” despite airlines across Europe drawing up contingency measures following soaring fuel prices linked to conflict in the Middle East.

Concerns have grown after reports that some airlines are preparing for possible refuelling stops on long-haul routes if shortages worsen. German airline Lufthansa has reportedly already begun contingency planning after one of its flights was forced to divert for fuel during a recent journey to South Africa.

The airline has also cut thousands of flights from its wider summer schedule as fuel costs continue to rise. However, travel industry figures insist UK holidaymakers should not panic.

Mark Tanzer, Chief Executive of ABTA – The Travel Association, said: “We really don’t want people worrying about their holidays; planes are taking off daily and people are continuing to get away on their holidays. The Government and airlines are clear that there isn’t a problem with fuel supply.

“If you have a holiday booked in for the coming months – including the May half term – we expect it to go ahead as planned.”

He added: “Whilst there have been reports about cancellations globally, these amount to less than one per cent of overall flights.”

According to aviation analytics firm Cirium, around 13,000 flights worldwide have reportedly been cut during May. Munich and Istanbul are believed to be among the worst-affected destinations.

The Department for Transport has also said there is currently “no need” for travellers to change their plans. Officials say UK airlines buy fuel in advance and airports continue to maintain reserves to help prevent disruption.

Passengers are still being advised to check flight updates with airlines before travelling and ensure they have suitable travel insurance in place. Some 120 flights from the UK this month have been cancelled, new figures show, as jet fuel prices surge and fears of shortages grow.

Cirium said airlines have axed 120 of the 22,613 departures initially scheduled from UK airports in May, equivalent to 0.53%. The number of outbound flights planned for June is 36 lower than a week ago. This represents a 0.2% reduction and means capacity for the month has fallen by 7,972 seats.

The final week of May is a peak period for holidays as it is half-time at many schools. For all flights globally, some 13,005 planned for May were cancelled between April 10 and April 21, equivalent to 1.5%. That reduced capacity by almost two million seats.

Julia Lo Bue-Said, chief executive of Advantage Travel Partnership, a network of independent travel agents, said airlines are “assessing poor performance flights and consolidating or cancelling as required”.

She added that UK departures to popular summer hotspots “remain unaffected” and insisted “customers can continue to book with confidence”. Paul Charles, founder of travel consultancy The PC Agency, said: “Airlines are now being forced to cut flights and make difficult decisions ahead of the peak season.

“It is better for them to cancel flights well in advance so that passengers are less inconvenienced than a last-minute change of plan. As the Iran conflict continues, there will need to be many more cancellations as the jet fuel supply is squeezed.”

Lufthansa’s airline group announced in April it would cancel 20,000 flights over the following six months to save fuel. Iran continues to have a stranglehold on tankers passing through the Strait of Hormuz, leading to a surge in oil prices and concerns of jet fuel shortages.

But on Sunday, Transport Secretary Heidi Alexander said summer holiday plans will not face major disruption because of the latter. She revealed that more fuel has been imported from America, while refineries have upped their production.

The Government has also introduced a temporary rule change allowing airlines to group passengers from different flights together on to fewer planes to save fuel.

Soaring jet fuel prices and the threat to supplies – amid the Middle East war – has left millions of Brits worrying about whether their summer holiday plans will be disrupted

May could mark the peak in flights being axed due to the Iran war, an expert has declared.

Families were urged not to panic about their summer getaway, despite fears over jet fuel shortages. Data shows airlines have cut 13,000 flights globally this month due to the conflict in the Middle East. In total, nearly two million seats have been removed from flights scheduled for May.

The reductions come ahead of the half-term holidays at the end of the month. Many people have been left worrying what will happen to holiday flights already booked over the peak months ahead.

Aviation analyst John Strickland insisted the 13,000 flights pulled this month amount to about 1% or 2% of all those scheduled. And he warned against assuming the same number – or more – would be impacted in the coming months.

READ MORE: Simon Calder gives surprising verdict on summer travel chaos fears as 13,000 flights axedREAD MORE: Ryanair boss Michael O’Leary wants to BAN early morning pints before boarding flights

“You can’t judge May against the peak summer,” Mr Strickland told the Mirror. “Airlines want to fly their full programme – this is not a wholesale chopping of flights that would disrupt people’s summer holiday plans.”

Mr Strickland said airlines were “relatively confident” they will have enough jet fuel available on a rolling six-week basis, with signs that additional supplies are being sourced from the US and elsewhere to replace those lost from the Gulf.

Some carriers have switched to smaller aircraft or more fuel efficient planes to brace themselves for possible disruption, according to aviation analytics firm Cirium. It says 120 scheduled flights from the UK to global destinations have so far been cancelled in May. While it is still early days, the number of cancellations in June stands at 36, out of just under 22,000 scheduled flights.

It comes after the price of jet fuel doubled in the wake of the US-Israel war with Iran which erupted at the end of February. The conflict has crippled shipments through the key Strait of Hormuz.

German airline Lufthansa has axed 20,000 flights, and warned higher jet fuel prices could cost it £1.5billion this year. It joined around two dozen airlines that have now scaled back operations.

Ryanair boss Michael O’Leary said at the start of April his airline may be forced to cancel 10% of its flights this summer. He told ITV News: “We’re all facing an unknown scenario. And we are certainly looking at maybe having to cancel 5% to 10% of flights through May, June and July.”

British Airways owner IAG is due to issue updated results on Friday.

Transport Secretary Heidi Alexander said she was confident most people travelling this summer would have a similar experience to last year. She said there was currently no disruption to the supply of jet fuel, but “this clearly is an evolving situation”.

Oil prices slumped to two-week lows on Wednesday amid reports that the US and Iran were nearing an initial peace deal. Brent crude fell 7% to $102 a barrel – down a recent peak of more than $120 but still well above the $60 before the war started.

Rory Boland, editor of Which? Travel, said: “It is understandable that holidaymakers are feeling apprehensive about their summer travel plans due to the wave of cancellations.

“The percentage of flights cancelled from the UK remains small, when you consider that the worst airlines cancel over 2% of flights less than a day before departure, even in normal times.

“Our advice for this summer is to book a package holiday, as that is the best way to protect the full cost of your holiday should greater disruption occur.”

Mark Tanzer, chief executive of travel trade body ABTA, said: “We really don’t want people worrying about their holidays; planes are taking off daily and people are continuing to get away on their holidays.

“The Government and airlines are clear that there isn’t a problem with fuel supply. If you have a holiday booked in for the coming months – including the May half term – we expect it to go ahead as planned.

“Whilst there have been reports about cancellations globally, these amount to less than one percent of overall flights.”

Published on
04/05/2026 – 7:15 GMT+2

Crude prices were slightly lower ahead of European markets opening as traders digested comments from US President Donald Trump that Washington would help ships leave the Strait of Hormuz from today. Iran, however, has rejected the plan.

ADVERTISEMENT

ADVERTISEMENT

At the time of writing, the price of a barrel of US benchmark crude (WTI) was down 0.28% to $101.65 a barrel, while Brent crude, the international standard, edged down 0.06% to $108.10 a barrel.

Much hinges now on progress towards ending the war with Iran and unlocking the bottleneck through the Strait of Hormuz.

The oil market “remains the fulcrum, with hundreds of tankers, bulk carriers, and cargo ships still stranded across the Gulf, idling as storage constraints force producers to shut … production simply because there is nowhere left to store it,” Stephen Innes of SPI Asset Management said in a commentary note.

Trump said what he called “Project Freedom” would begin Monday morning in the Middle East. The US Central Command said it would involve guided-missile destroyers, more than 100 aircraft and 15,000 service members, but the Pentagon did not immediately answer questions about how they would be deployed.

Asia-Pacific and US markets

In Asian share trading overnight, Hong Kong’s Hang Seng jumped 1.4% to 26,135.47. Markets in mainland China and Japan were closed for “Golden Week” holidays. In Australia, the S&P/ASX 200 slipped 0.3% to 8,704.70.

Strong buying of tech stocks pushed shares in South Korea sharply higher, as the Kospi gained 3.8%. Taiwan’s Taiex surged 4.2%.

On Friday, the S&P 500 climbed 0.3% to another all-time high of 7,230.12, closing out a fifth straight winning week. The Dow Jones Industrial Average dipped 0.3% to 49,499.27, and the Nasdaq composite added 0.9% to a record close of 25,114.44.

Apple led the way after delivering better profit than expected. Because it’s one of Wall Street’s biggest stocks in terms of overall size, its rally of 3.3% was by far the strongest force lifting the S&P 500.

Stock prices generally follow the path of corporate profits over the long term, and US companies have been exceeding expectations for earnings in the first three months of 2026. That’s even with the war with Iran and high oil prices souring confidence for many US households.

Strong earnings boost S&P 500

A little more than a quarter of the companies in the S&P 500 have reported already, and 84% of them have topped analysts’ estimates, according to FactSet. The index is on track to deliver roughly 15% growth in profit from a year earlier.

The main uncertainty for the global economy is where oil prices are heading because of the Iran war. Oil prices moved higher last week on worries that the war might keep the Strait of Hormuz closed for a long time, trapping oil tankers pent up in the Persian Gulf instead of delivering crude to customers worldwide.

Brent was selling for a little more than $70 per barrel before the war began, and soaring prices helped the two biggest U.S. oil companies report stronger profit for the latest quarter than analysts expected. But stock prices nevertheless fell for both Exxon Mobil, 1%, and Chevron, 1.4%, as oil prices regressed Friday and each reported drops in net income from a year earlier.

In other dealings early Monday, the dollar rose to 157.18 Japanese yen from 156.80 yen. The euro fell to $1.1724 from $1.1746.

DIY expert Nick Knowles said he’s no longer going to Turkey as BBC Morning Live viewers told ‘it could see holidays in jeopardy’

A BBC travel expert has given an update to anyone with holidays booked or considering going on a foreign break this summer. On BBC Morning Live consumer champion Rebecca Wilcox told hosts Rav Wilding and Holly Hamilton how concern is growing from people with breaks lined up – as to if it could be cancelled, will they be charged more supplementary fees and will they be covered.

And during the section show DIY expert and guest Nick Knowles revealed his family has decided to cancel their holiday to Turkey amidst all the uncertainty. Host Helen said: “With this morning’s headlines showing oil prices at their highest level since 2022 there’s growing concern that airlines could respond by raising fares or even cancelling some flights.”

Ms Wilcox agreed and said: “It’s very worrying and and the number of headlines make us spike in our concern and I can see that the fuel price is going up making concerns go up and what we’re going to talk about today is how specifically that is going to affect the holiday pricing with airline fares because, of course, jet fuel, is integral for flying through the air.

“Jet2 has told us they are seeing an increase in holidaymakers leaving it to the very last minute to book their holidays, and that’s so they know the full cost of their trip at the time of purchase and that is due to the conflict in the Middle East.

“It tells us that there’s a real worry going on out there. People are quite hesitant to book, they don’t know whether they should go ahead with it. On Monday we heard the Prime Minister saying that airlines actually do have enough jet fuel at the moment but it could see holidays in jeopardy in the future and that depends upon how long this conflict goes on for which, of course, nobody knows.”

She said more people are considering whether to go ahead or just book a staycation in the UK instead. Presenter Holly Hamilton said: “Most people when you chat to them, it’s at the forefront of their mind about booking holidays and in some cases they are cancelling them. Nick you and I were chatting about it and you’ve cancelled your holiday.”

Nick Knowles said: “Yes a holiday in Turkey and we’ve decided to stay home. A holiday in the UK is more expensive than going abroad – so we’re going to go in the back garden and drink cocktails and sunbathe in the back garden. The trick is don’t tell anyone you’re not going away because then they’ll ring you and interrupt.”

Holly said, “Bad news, you’ve just told everybody.” Nick added, “I’m going to be in such trouble with my wife now.”

READ MORE: Martin Lewis warning for holidaymakers including Jet2, easyJet, TUIREAD MORE: Martin Lewis tells mobile users ‘type 5-digit code and screen grab result’ as thefts soar

Rav asked: “Can holiday companies just raise prices then?” Rebecca said: “I’m devastated that Nick is not going to Turkey – how is he going to get those new teeth he was talking about earlier? I’m joking, obviously his teeth are beautiful.” Nick interjected: “I’m going back to the same people who did my hair it’s fine.”

When can holiday companies raise prices

Rebecca said: “They can only raise their prices in specific circumstances because there is a law protecting consumers from these huge hikes in prices that they could add on for any random charges. This law is known as the Package Travel Regulation and it means we are protected.

“The surcharges they are allowed to add on are related to things like fuel cost increases, which we’re talking about today, transport taxes and fees and any fluctuations in the exchange rate movement. They have to say this in your T&Cs at time of booking so just c heck your terms and conditions.”

Holly said: “The people who have booked their holiday will be thinking ‘how much could they possibly add on?’ “ Ms Wilcox said: “Well, it is a limited amount they can add on before they give you the option of cancelling or a refund and that amount they can add on is 8 per cent. This 8 per cent is broken down into 2 sections because the holiday company has to swallow that first 2 per cent and then you as consumer will only pay 6 per cent and that’s of the total cost of your holiday package.

READ MORE: TV holiday expert Simon Calder gives holiday 2026 update and says ‘that is crazy’

“What does that look like for a holiday? So for instance if you’ve spent £1,000 on your holiday that’ll be an extra £60. A £3,500 holiday, another £210, and a £5,000 cruise that’s £300. They can only ask for this for up to 20 days before you travel and that’s why people are booking these last minute holidays because the time limit for that 6 per cent has already gone.”

Package holidays

Rav gave an example from a viewer, Jeff, who was due to pay the balance on his holiday – he’d booked the flights and the accommodation through the same agent and asked if his family would be able to get a full refund if they have to cancel our holiday because of the shortage. Ms Wilcox said: “This sounds like he’s booked a package holiday when he’s booked the flight and the accommodation together and that means you do have more protection and you should be offered a full refund and a suitable alternative if they make major changes.

“If it’s a flight only deal they must offer you a replacement flight or a refund. If they offer you a holiday voucher or credit with them instead of cash be really wary and think twice about doing it. They may lure you in by offering you something that’s supposedly more than what you spent so it looks like it’s of greater value, but I would say you’re more protected if you get the cash back.” She said there may be restrictions, there may be an end date on the credit and also the company could go bust.

She said getting travel insurance when you make the booking was vital as you’re protected from then until time of travel.

Published on 30/04/2026 – 10:17 GMT+2•Updated
10:28

Brent crude, the international standard for oil prices, jumped by over 7% during early trading on Thursday, touching $126 per barrel, the highest intraday level since 2022 when Russia initiated the full-scale invasion of Ukraine.

ADVERTISEMENT

ADVERTISEMENT

The US benchmark crude, WTI, also rose more than 3% and hit over $110 per barrel.

At the time of writing, prices have corrected slightly with the front month contract for Brent trading at around $122 per barrel and WTI at roughly $108.5.

Prices are now the highest they have been since the start of the Iran war.

The surge in oil prices is a direct consequence of stalled negotiations over the reopening of the Strait of Hormuz, the absence of a clear path toward ending the war and a seemingly increased chance of US-Israeli military action returning.

US President Donald Trump is set to meet with the head of the US Central Command, Admiral Brad Cooper, on Thursday and receive a briefing on new military options for action in Iran, according to Axios which cites two unnamed people.

The meeting signals the potential for fresh escalation in the Middle East as the resumption of combat operations is reportedly “seriously under consideration” and oil markets have reacted swiftly to the news.

A ceasefire has held since early April but recent negotiating efforts have fallen flat with the two sides refusing to meet. Meanwhile, the US and Iran both maintain their blockade of the vital Strait of Hormuz.

US Central Command has also reportedly asked for hypersonic missiles to be sent to the Middle East, which would mark the first time the US army has deployed that type of weapon.

The persistent blockade of ports and the threat of expanded combat have fundamentally reshaped market expectations.

A shifting landscape for OPEC and global supply

The spike in prices is occurring against a backdrop of significant structural change within the global oil hierarchy.

Earlier this week, the United Arab Emirates officially withdrew from the Organisation of the Petroleum Exporting Countries (OPEC) and its wider alliance (OPEC+), a move the nation claimed was necessary to prioritise its own national interests.

Under normal market conditions, the exit of a major producer from the cartel might be expected to signal a potential increase in supply or a decrease in price stability.

However, the sheer scale of the Iran war has rendered the UAE’s departure secondary in the minds of traders.

Despite the UAE’s exit, which was expected to potentially weaken OPEC’s grip on production quotas, prices have continued their upward trajectory.

This suggests that the “war premium” currently dominates all other market fundamentals.

Investors are currently less concerned with the internal politics of oil-producing nations and more focused on the immediate physical absence of Iranian crude, suspended shipping routes through the Strait of Hormuz and the threat to regional infrastructure.

However, the transition of the UAE to an independent actor still highlights a growing fragmentation in global energy governance at a time when the world’s energy security is at its most vulnerable.